Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Francisco Partners, TPG agree to buy Dell’s Boomi for $ 4 billion

Francisco Partners, TPG agree to buy Dell’s Boomi for $ 4 billion

Dell Technologies Inc. agreed to sell its cloud business to Boomi to private equity firms Francisco Partners and TPG in a $ 4 billion cash deal as part of CEO Michael Dell’s efforts to cut the PC maker.

The deal is expected to be completed by the end of this year, the companies said statement on Sunday without providing further details on the conditions. Dow Jones previously reported that the companies were close to a deal.

Boomi specializes in integrating various cloud platforms for companies and has over 1

5,000 customers. Dell agreed to acquire the company for an undisclosed amount in 2010, according to a statement at the time.

“This proposed transaction positions Boomi for the next phase of growth and is the right move for both companies, our shared customers and partners,” said Jeff Clark, Dell’s vice president and chief operating officer, in a statement. “For us, we are focused on fostering growth as we continue to modernize our core infrastructure and PC business and expand into high-priority areas.”

Dell has been cleaning up its balance sheet in recent years and hiring various businesses. Last month, the company announced plans to spin its stake in infrastructure software vendor VMware Inc., its most valuable asset. Last year, it sold the cybersecurity unit RSA for $ 2.08 billion to a private investment company.

The company is trying to reduce its dependence on hardware sales and become a reseller of subscription-based computer services. While this change continues, the company still receives about half of its revenue from sales of personal computers to commercial and consumer customers.

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