Computing giant HP is acquiring Burnaby’s Teradici, an innovator in remote computing software that enables users to securely access high-performance computing from any PC, Chromebook, or tablet.
Financial terms of the transactions were not disclosed.
Core remote desktop software is a large and expanding segment, projected to grow at a 17% compound annual growth rate through 2028. As hybrid work becomes the norm, 67% of the workforce is expected to work remotely at least three days a week.
The acquisition will enhance HP’s capabilities in the Personal Systems category by delivering new compute models and services tailored for hybrid work.
“Teradici’s cutting-edge technology has long been at the forefront of secure, high-performance virtual computing,” said Alex Cho, president, Personal Systems, HP.
“Their world-class talent, industry-leading IP, and strong integrations with all major public cloud providers will expand our addressable market, and meet growing customer needs for more mobile, flexible, and secure computing solutions. We look forward to welcoming the Teradici team to HP.”
In 2020 Teradici was honored by the Television Academy with an Engineering Emmy Award for Outstanding Achievement in Engineering Development. The honor reflects how the company’s technology has proven invaluable across the media and entertainment industry to help keep artists and producers working remotely during the COVID-19 pandemic.
“We have long admired HP as one of the world’s most innovative technology companies and we are thrilled to be joining the team,” said David Smith, CEO, Teradici.
“HP’s strong culture of innovation, customer-centricity, and corporate values aligns extremely well with our mission at Teradici and this deal will significantly expand our global reach and drive new sources of innovation.”
Teradici was founded in 2004 by Dan Cordingley, Dave Hobbs, Ken Unger and Maher Fahmi. It operated in stealth mode until 2007 when they announced their first products, a blade server card and a small hockey puck shaped client, using a proprietary chip which implemented the PCoIP protocol.
Fun Fact: The Teradici name originated from a previous company the founders were incubating. That company’s product involved a 100-gigabit datacenter networking device. One-tenth of a tera is a deci, but “Teradeci” didn’t roll off the tongue. “Teradici” was unique, sounded better and the domain name was available at the time.