May 10, 2021

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Dell Technologies: Dell sells its Boomi cloud business to Francisco Partners and TPG for $ 4 billion

Computer maker Dell Technologies said on Sunday that private equity firms Francisco Partners and TBG Capital have finalized an agreement to buy its cloud company, Boomi, in a $ 4 billion cash deal.

The company said that the deal is expected to end by the end of this year, but did not disclose additional terms of the deal. The Wall Street Journal reported that Dell was close to sealing a deal to sell Boomi.

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The personal computer manufacturer is under pressure to boost profitability after its debt-laden acquisition of data storage provider EMC Corp for $ 67 billion in 2016 failed to meet financial targets, weighed by intense price competition.

The company this month said it will split up its largest stake in VMware, maker of cloud computing software, which will reduce its business and make it more lean.