Texas IT group Dell has decided to sell Dell Software Group, its software division to investment fund Francisco Partners and venture capital firm Elliott Management. A final agreement between the three parties was announced on Monday in a statement. To complete this transaction, debt financing was provided by Credit Suisse and RBC Capital Markets. However, financial details of the transaction were not disclosed.
By selling Dell Software Group, the American firm is separating from a portfolio of technological solutions. This branch of Dell provides enterprise software for asset management and data security. “Network security as well as identity and access management are increasingly strategic business imperatives and we are delighted to support the continuous innovation of Quest Software and SonicWALL products in these areas.», Explained Brian Decker, in charge of the investment of the security department of Francisco Partners.
The Texas firm switches to the cloud
This transaction was carried out by Dell with a view to boosting its cash flow. And for good reason, the IT group acquired EMC, an American company specializing in data hosting, last October for 67 billion dollars (58.8 billion euros).
Acted since autumn 2015, the operation received the green light from the European Commission last March. With this acquisition, the largest ever in the technology sector, Dell is positioning itself in the cloud. In this area, the Texas firm hopes to shake up a market dominated by Microsoft, Amazon, HP, IBM, Cisco and Oracle.
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