As Mitel, a smaller company based in Ottawa, Ontario, Canada, paid a lower tax rate, the acquisition would have been an example of tax inversion, where a smaller company purchases a larger company in order to provide the combined larger corporate entity with the tax benefits of the smaller company's location. On April 15, 2016, Polycom announced that rival Mitel Networks would purchase them for $1.96 billion. In 2016, telecommunications executive Mary McDowell was named as its chief executive officer. Peter Leav at that point was both president and CEO, and Laura Durr was chief financial officer and executive vice president (EVP). Polycom reported revenues of $1.3 billion for the year of 2015. In 2015, Polycom cut 15% of its workforce after posting large dips in sales. The firm employed approximately 3,800 employees in 2014. He was succeeded as CEO by Peter Leav, who was then succeeded in 2016 by Mary McDowell following Polycom's acquisition by Siris Capital Group. Miller left Polycom after being paid $24 million USD in compensation. At Polycom, Miller was with several expense and accounting violations by the SEC in 2012, and settled with the SEC by agreeing to not serve as an officer for any company for five years. Hagerty was succeeded by Andy Miller in 2010. The company later added content sharing, video conferencing, video network and bridging, and system monitoring and management products.īrian Hinman served as CEO from the company's founding in 1990 until 1998, when he was succeeded by Bob Hagerty. Its first products to market were audio conferencing speaker phones. Polycom's stated goal was to develop solutions for all the major ways people communicate, specifically including audio, content such as documents, and video. Oak Investment Partners and Accel Partners then contributed an additional $3 million in venture capital. The startup was based in San Francisco, California but soon moved to San Jose, California, with Hinman using $400,000 of his own money and $100,000 from friends as seed money. Polycom was co-founded in 1990 by Brian L Hinman and Jeffrey Rodman, who were colleagues at PictureTel Corp. In 2018 Polycom was acquired by Plantronics Īnd in 2019 the name of the combined entity was changed to Poly. Polycom was co-founded in 1990 by Brian L Hinman and Jeffrey Rodman. Poly, formerly Polycom, a part of HP Inc., is an American multinational corporation that develops video, voice and content collaboration and communication technology.
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