Dell Technologies Inc. DELL, -1.67% reached an agreement to sell its Boomi cloud business to private equity firms Francisco Partners and TPG, as part of a larger reordering of the PC and data storage giant. The transaction, announced Sunday, values the Chesterbrook, Pennsylvania, cloud-based integration platform at $ 4 billion, including debt.
The Wall Street Journal had previously reported that Dell was reaching a deal to sell Boomi to private equity firms. Boomi, which Dell acquired in 2010, creates software that helps applications communicate with each other by transferring data between them. It is an actor in a fast growing market known as iPaaS, which stands for integration platform as a service. When a business makes a sale, it may need some aspects of that sale to be reflected in other applications, such as those that monitor financial forecasts or maintain customer databases. Currently, most business applications cannot share data with each other without the help of software like Boomi’s. An expanded version of this report appears on WSJ.com. Also popular on WSJ.com – Americans can’t get enough of the stock market. How a more resilient America beat a mid-century pandemic.