# Dell Technologies

Dell Technologies Inc. is an American multinational technology company headquartered in Round Rock, Texas. It was formed as a result of the September 2016 merger of Dell and EMC Corporation (which later became Dell EMC). Dell Technologies ranked 48th on the 2024 Fortune 500 rankings of the largest United States corporations based on its 2023 revenue; its products include personal computers, servers, monitors, computer software, computer security and network security, as well as information security services.

## History

Dell Technologies' predecessor Dell Inc. had returned to private ownership in 2013, claiming that it faced bleak prospects and would need several years out of the public eye to rebuild its business.
EMC was being pressured by Elliott Management Corporation, a hedge fund holding 2.2% of EMC's stock, to reorganize the unusual "Federation" structure, in which EMC's divisions were effectively being run as independent companies. Elliott argued this structure deeply undervalued EMC's core "EMC II" data storage business, and that increasing competition between EMC II and VMware products was confusing the market and hindering both companies.
The Wall Street Journal estimated that in 2014 Dell had revenue of $27.3 billion from personal computers and $8.9 billion from servers, while EMC had $16.5 billion from EMC II, $1bn from RSA Security, $6bn from VMware, and $230 million from Pivotal Software. On October 12, 2015, Dell announced its intent to acquire EMC Corporation, an enterprise software and storage company, in a $67 billion transaction. It was then the largest acquisition in technology sector history. In addition to Michael Dell, Singapore's Temasek Holdings and Silver Lake Partners were major Dell shareholders that supported the transaction. The deal to buy EMC was closed on September 7, 2016. It reportedly generated about $40 billion in debt for Dell.
The Dell Services, Dell Software Group, and the Dell EMC Enterprise Content Divisions were sold shortly thereafter for proceeds of $7.0 billion, which was used to repay debt. In October 2017, It was reported that Dell would invest $1 billion in IoT research and development.
EMC owned around 80% of the stock of VMware. The acquisition maintained VMware as a separate company, held via a new tracking stock, while the rest of EMC were rolled into Dell.
The acquisition required Dell to publish quarterly financial results, having ceased these on going private in 2013.
In 2018, Dell had a racing partnership with British racing team McLaren, providing processing power to support the large amounts of racing data generated by McLaren's Formula 1 program.
On April 15, 2021, it was reported that Dell Technologies would spin out the remainder of its VMware shares to shareholders. The two companies would continue to operate without major changes for at least five years.
As of FY 2024, approximately 50% of the company's revenue is derived in the United States.

### IPO

On January 29, 2018, it was reported that Dell Technologies was considering a reverse merger with its VMware subsidiary to take the company public.
On December 28, 2018, Dell Technologies became a public company, bypassing the traditional IPO process by buying back shares that tracked the financial performance of VMware.

## Business

Dell Technologies has products and services in the field of scale-out architecture, converged infrastructure and private cloud computing.
Dell operates under two divisions:
* Dell Client Solutions Group (55.3% of fiscal 2024 revenues) – produces desktop PCs, notebooks, tablets, and peripherals, such as monitors, printers, and projectors under the Dell brand name
* Dell Infrastructure Solutions Group (38.3% of fiscal 2024 revenues) – servers, storage, and networking