NEW YORK: Dell Inc today said it completed its USD 67-billion deal to acquire EMC Corp, creating the world’s largest privately-controlled technology company.
The new company — Dell Technologies — will comprise Dell, Dell EMC, Pivotal, RSA, SecureWorks, Virtustream, and VMware. It employs about 1.4 lakh people globally and will be headquartered in Round Rock, Texas.
“This combination creates a USD 74-billion market leader… We have strategically aligned our capabilities where it makes sense to deliver integrated solutions in areas like hybrid cloud and security,” Dell Technologies Chairman and CEO Michael Dell said.
The deal, which was announced in October last year, saw Dell and its partner investment firm Silver Lake raising over USD 40 billion in debt.
“We are at the dawn of the next industrial revolution. Our world is becoming more intelligent and more connected by the minute, and ultimately will become intertwined with a vast Internet of Things, paving the way for our customers to do incredible things. This is why we created Dell Technologies,” Dell said.
He added that the company has the products, services, talent and global scale to be a catalyst for change and guide customers, large and small, on their digital journey.
Dell said the company’s R&D efforts, with over 20,000 patents and applications pending, is fuelled by USD 4.5 billion in annual spends. It has 140,000 employees globally.
The announcement follows regulatory approval by China’s ministry of commerce (MOFCOM). The companies have already received clearance from regulatory agencies in the US and other geographies.
“We are also privately controlled. We don’t have to cater to short-term thinking that exists in the market, we can think in decades,” Dell said.
Dell Technologies will be separated into three business units — Client Solutions Group, Infrastructure Solutions Group, and VMWare.
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Source: Economic Times
