Dell Technologies Inc. has announced that private equity firms Francisco Partners and TPG Capital will acquire its Boomi integration platform as a service, or iPaaS, business in a $4 billion deal.

“This proposed transaction positions Boomi for its next phase of growth and is the right move for both companies, our shared customers and partners,” Dell Chief Operating Officer Jeff Clarke (pictured) said in a statement Sunday. “For us, we’re focused on fueling growth by continuing to modernize our core infrastructure and PC businesses,” the executive added. Selling Boomi should free up more resources for Dell to invest in its core businesses, while providing the company with new capital it could use to pay off another portion of its more than $40 billion debt pile.

Dell took on most of the debt currently on its balance sheet to finance the 2015 acquisition of storage equipment maker EMC Corp., a deal that included the latter firm’s VMware virtualization subsidiary and RSA cybersecurity business. Dell sold RSA in 2020 to a consortium led by private equity firm Symphony Technology Group. Last month, the company announced plans to spin off VMware as well in a $9 billion deal.

Read more/Source: Silicon Angle