Company:Dell Technologies

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Dell Technologies Inc.
TypePublic
  • NYSE: DELL (Class C)
  • S&P 100 component
  • S&P 500 component
IndustryInformation technology
Predecessors
FoundedSeptember 7, 2016; 10 years ago (2016-09-07)
FounderMichael Dell
HeadquartersRound Rock, Texas, U.S.
Area served
Worldwide
Key people
  • Michael Dell
    (Chairman and CEO)
  • Jeff Clarke
    (Vice chairman and COO)
Products
Services
RevenueIncrease US$113.5 billion (2026)
Increase US$8.149 billion (2026)
Increase US$5.936 billion (2026)
Total assetsIncrease US$101.3 billion (2026)
Total equityDecrease US$–2.47 billion (2026)
OwnerMichael Dell (58.9%)[1]
Number of employees
c. 97,000 (2026)
Divisions
Websitedell.com
Footnotes / references
Financials as of January 30, 2026.[2]

Dell Technologies Inc. is an American multinational technology company that has been headquartered in Round Rock, Texas, since 1994.[3] It was formed as a result of the September 2016 merger of Dell Inc. and EMC Corporation.[4] Dell Technologies ranked 44th on the 2025 Fortune 500 rankings of the largest United States corporations based on its 2024 revenue;[5] its products include personal computers, servers, monitors, computer software, computer security and network security, as well as information security services.[4]

History

Founding

Dell–EMC merger wordmark introduced in 2016

In 2013 Dell Inc. had returned to private ownership, claiming that it faced bleak prospects and would need several years out of the public eye to rebuild its business.[6] In the same time period, EMC Corporation, an enterprise software and storage company, 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 that 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.[7]

On October 12, 2015, Dell announced its intention to acquire EMC in a $67 billion transaction.[8] It was to be the largest acquisition in technology sector history,[9][10] and was backed by major Dell shareholders Michael Dell, Temasek Holdings, and Silver Lake Partners.[11] On the same day as the announcement, the Wall Street Journal estimated that in 2014 Dell had held revenue of $27.3 billion from personal computers and $8.9 billion from servers, while EMC had held $16.5 billion from EMC II, $1bn from RSA Security, $6bn from VMware, and $230 million from Pivotal Software.[12]

The combined business was expected to address the markets for scale-out architecture, converged infrastructure and private cloud computing, playing to the strengths of both EMC and Dell.[13][14] Commentators questioned the deal, with FBR Capital Markets saying that though it makes a "ton of sense" for Dell, it was a "nightmare scenario that would lack strategic synergies" for EMC.[15] Fortune said there was a lot for Dell to like in EMC's portfolio, but "does it all add up enough to justify tens of billions of dollars for the entire package? Probably not."[16] The Register reported the view of William Blair & Company that the merger would "blow up the current IT chess board", forcing other IT infrastructure vendors to restructure to achieve scale and vertical integration.[17] The value of VMware stock fell 10% after the announcement, valuing the deal at around $63–64bn rather than the $67bn originally reported.[18]

The deal was closed on September 7, 2016, and saw EMC rebranded Dell EMC, and the creation of a new parent company, Dell Technologies Inc., which consisted of three main business divisions — the Client Solutions Group, managed by Dell Inc., Infrastructure Solutions Group, managed by Dell EMC, and VMware.[19][20] The marger involved the issuance by Dell of $45.9 billion in new debt, and $4.4 billion of privately placed common stock.[19] EMC had owned 81% of the stock of VMware.[21][22] The acquisition maintained VMware as a separate company, held via a new tracking stock, whilst the rest of EMC was rolled into Dell.[23] Dell paid $24.05 per share of EMC, and $9.05 per share of tracking stock in VMware.[24][25][26] The acquisition required Dell to publish quarterly financial results, having ceased these on going private in 2013.[27] Subsequently, Dell Services, Dell Software Group, and the Dell EMC Enterprise Content Division, were sold shortly thereafter for proceeds of $7.0 billion, which was used to repay debt.[19][2]

Going public

On January 29, 2018, it was reported that Dell Technologies was considering a reverse merger with its VMware subsidiary to take the company public.[28] In July, Dell announced intentions to pay $21.7 billion in both cash and stock. Originally, in a deal described as "aggressive",[21] $9 billion in cash was to be pulled from VMware to buy shareholders out of their tracking stock. This offered shareholders 60 cents on the dollar.[29][21] In November, Carl Icahn (who owned 9.3% of Dell) sued the company over the deal.[30] As a result of this pressure from Icahn and other activist investors, the deal was renegotiated, ultimately offering shareholders 80 cents on the dollar ($14 billion total). On December 28, 2018, Dell Technologies Inc. became a public company, with the VMware share buyback enabling them to bypass the traditional IPO process.[31][32]

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.[33]

Investments

On November 19, 2015, Dell, alongside Arm Holdings, Cisco Systems, Intel, Microsoft, and Princeton University, founded the OpenFog Consortium, to promote interests and development in fog computing.[34]

In October 2017, It was reported that $1 billion would be invested in IoT research and development.[35][36][37]

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.[38]


In February 2025, Dell sold Secureworks to British cybersecurity vendor Sophos.[39] In December 2025, Dell acquired Israeli data infrastructure startup Dataloop for $120 million in an all cash deal.[40] In 2026, the Pentagon awarded a five-year, $9.7 billion contract to Dell to provide software to the U.S. military.[41][42] The contract's timing came after Dell founder Michael Dell pledged $6.25 billion toward investment accounts for children, titled, "Trump accounts.”[42] The decision was also made just after Trump had bought millions of dollars worth of stock in Dell.[43] In May 2026, OpenAI partnered with Dell Technologies to allow enterprise customers to deploy the AI coding assistant Codex in on-premises and hybrid environments, integrating directly with the Dell AI Data Platform.[44]

Business

Dell Technologies has products and services in the field of scale-out architecture, converged infrastructure, private cloud computing,[12][45] and edge computing.[46]

Dell operates under two divisions:[19][47][48]

  • Dell Inc., which includes the Client Solutions Group (55.3% of fiscal 2024 revenues), which produces desktop PCs, notebooks, tablets, and peripherals, such as monitors, printers, and projectors
  • Dell EMC, which includes the Infrastructure Solutions Group (38.3% of fiscal 2024 revenues), which produces servers, storage, and networking

Finances

In January 2021, Dell reported $94 billion (equivalent to $94,000,000,000 in 2024) in sales and $13 billion (equivalent to $13,000,000,000 in 2024) operating cash flow during 2020.[21]

By June 2021, Dell Technologies' stock price had reached an all-time high of over US$100 per share, reflecting the company's successful transition to a technology service provider that helps customers navigate digital transformation.[49]

On March 1, 2024, Dell Technologies' stock hit all-time high after earnings. It delivered a strong performance from its artificial intelligence unit that sent shares up nearly 40%, its highest daily gain since the company went public in 2018.[50]

In August 2024, the company announced it would be laying off 12,500 employees—10% of its workforce—in order to invest in artificial intelligence initiatives.[51]

References

  1. ↑ "DELL MICHAEL S - DELL / Dell Technologies Inc. / DELL MICHAEL S Passive Investment - SC 13G/A - February 13, 2024". https://fintel.io/doc/sec/908724/000112329224000043/delltech13g.htm. 
  2. ↑ 2.0 2.1 "Dell Technologies Inc. FY 2026 Form 10-K Annual Report". U.S. Securities and Exchange Commission. March 16, 2026. https://www.sec.gov/ix?doc=/Archives/edgar/data/1571996/000157199626000008/dell-20260130.htm. 
  3. ↑ "An Economic Powerhouse: How Dell Technologies helped change the direction of Round Rock's future" (in en-US). 2020-02-21. https://roundrockchamber.org/an-economic-powerhouse-how-dell-technologies-helped-change-the-direction-of-round-rocks-future/. 
  4. ↑ 4.0 4.1 Shah, Agam (September 7, 2016). "The new Dell Technologies: 6 things you need to know". PC World. http://www.pcworld.com/article/3117631/hardware/the-new-dell-technologies-6-things-you-need-to-know.html. 
  5. ↑ "Fortune 500: 2025 Rankings". June 2, 2025. https://fortune.com/ranking/fortune500/2025/. 
  6. ↑ Thurm, Scott; Sherr, Ian; Benoit, David (2013-03-29). "Dell Makes Case to Go Private in Grim Filing" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/SB10001424127887323501004578390692268605644. 
  7. ↑ "Elliott Management Sends Letter to Board of Directors of EMC Corporation" (in en). https://www.businesswire.com/news/home/20141008005668/en/Elliott-Management-Sends-Letter-Board-Directors-EMC. 
  8. ↑ Sawers, Paul (October 12, 2015). "Dell just bought data storage company EMC for $67B". VentureBeat. https://venturebeat.com/entrepreneur/dell-just-bought-data-storage-company-emc-for-67m/. 
  9. ↑ "Dell agrees $67bn EMC takeover". BBC News. October 12, 2015. https://www.bbc.com/news/business-34505553. 
  10. ↑ Womack, Brian; Bass, Dina (October 12, 2015). "Dell to Buy EMC in Deal Worth About $67 Billion". Bloomberg. https://www.bloomberg.com/news/articles/2015-10-12/dell-to-acquire-emc-for-67-billion-to-add-data-storage-devices. 
  11. ↑ Roumeliotis, Greg; Finkle, Jim (October 12, 2015). "Dell to buy EMC in $67 billion record tech deal, aims for cloud market". Reuters. https://www.reuters.com/article/business/dell-to-buy-emc-in-67-billion-record-tech-deal-aims-for-cloud-market-idUSKCN0S5148/. 
  12. ↑ 12.0 12.1 Clark, Don; Cimilluca, Dana; McMillan, Robert; Clark, Don (2015-10-12). "EMC Takeover Marks Return of Michael Dell" (in en-US). Wall Street Journal. ISSN 0099-9660. http://www.wsj.com/articles/dell-to-buy-emc-for-67-billion-1444649012. 
  13. ↑ "EMC Takeover Marks Return of Michael Dell". The Wall Street Journal. October 13, 2015. https://www.wsj.com/articles/dell-to-buy-emc-for-67-billion-1444649012. 
  14. ↑ "The merger of Dell and EMC stems from the rise of cloud computing". The Economist. October 12, 2015. https://www.economist.com/news/business/21673523-clouded-marriage-merger-dell-and-emc-more-proof-it-industry-shifting. 
  15. ↑ Mike Stone (October 8, 2015). "Dell in talks to buy data storage company EMC: source". Reuters. https://www.reuters.com/article/us-emc-us-m-a-dell-idUSKCN0S200F20151008. 
  16. ↑ Stacey Higginbotham (October 8, 2015). "A Dell-EMC deal doesn't make sense. Here's why". Fortune. http://fortune.com/2015/10/08/dell-emc-merger/. 
  17. ↑ "Dell hooking up with EMC and going public again? Come off it". October 9, 2015. https://www.theregister.co.uk/2015/10/09/dell_emc_buyout_merger_rumour_mill_overdrive/. 
  18. ↑ Tom Braithwaite (October 13, 2015). "Dell-EMC deal: why VMware is falling". Financial Times. http://blogs.ft.com/lex-live/2015/10/13/dell-emc-deal-why-vmware-is-falling/. 
  19. ↑ 19.0 19.1 19.2 19.3 "Document". https://www.sec.gov/Archives/edgar/data/1571996/000157199617000004/delltechnologiesfy1710k.htm. 
  20. ↑ "Branding shift sees EMC take back seat to Dell Technologies". 2019-06-20. https://www.arnnet.com.au/article/1256478/branding-shift-sees-emc-take-back-seat-to-dell-technologies.html. 
  21. ↑ 21.0 21.1 21.2 21.3 Gara, Antonie. "Deal Of The Century: How Michael Dell Turned His Declining PC Business Into A $40 Billion Windfall". https://www.forbes.com/sites/antoinegara/2021/08/03/deal-of-the-century-how-michael-dell-turned-his-declining-pc-business-into-40-billion-windfall/?sh=2f3512745c2a. 
  22. ↑ "Dell-EMC: The empty shop". Financial Times. October 12, 2015. https://www.ft.com/content/abfd601e-7102-11e5-ad6d-f4ed76f0900a. 
  23. ↑ "Dell agrees $63bn acquisition of EMC". Financial Times. October 12, 2015. https://www.ft.com/content/170fa5f2-708a-11e5-9b9e-690fdae72044. 
  24. ↑ "Dell to Buy EMC for $67 Billion". The Wall Street Journal. https://www.wsj.com/articles/dell-to-buy-emc-for-67-billion-1444649012. 
  25. ↑ "In Takeover of EMC, Dell Makes Ambitious Bet". The New York Times. October 12, 2015. https://www.nytimes.com/2015/10/12/business/dealbook/dell-to-buy-emc-for-65-billion-a-record-takeover-in-technology.html. 
  26. ↑ "Dell agrees $67bn EMC takeover". BBC News. October 12, 2015. https://www.bbc.com/news/business-34505553. 
  27. ↑ Womack, Brian (October 21, 2015). "Dell CFO Reluctantly Accepts Public Disclosures With EMC Deal". Bloomberg L.P.. https://www.bloomberg.com/news/articles/2015-10-21/dell-cfo-reluctantly-accepts-public-disclosures-with-emc-deal. 
  28. ↑ "VMware Plunges on Report It May Acquire Dell in Reverse Merger". Bloomberg L.P.. January 29, 2018. https://www.bloomberg.com/news/articles/2018-01-29/vmware-plunges-on-report-it-may-acquire-dell-in-reverse-merger. 
  29. ↑ Donnell, Carl. "Dell moves to go public, spurns IPO" (in en-US). Reuters. https://www.reuters.com/article/us-dell-vmware/dell-moves-to-go-public-spurns-ipo-idUSKBN1JS11X. 
  30. ↑ "Carl Icahn sues Dell over plans to go public". The Globe and Mail. November 1, 2018. https://www.theglobeandmail.com/business/article-carl-icahn-sues-dell-over-plans-to-go-public-2/. Retrieved November 2, 2025. 
  31. ↑ "Dell returns to public markets after 6 years". Reuters. https://venturebeat.com/2018/12/28/dell-returns-to-public-markets-after-6-years/. 
  32. ↑ "Bread Financial's credit sales fall 13% in cooling economy" (in en). 2023-07-27. https://www.americanbanker.com/payments/news/bread-financials-credit-sales-fall-13-in-cooling-economy. 
  33. ↑ Sharwood, Simon (2021-04-15). "Dell to spin out remaining VMware stake, cements Friends With Benefits status for at least five years" (in en-US). https://www.theregister.com/software/2021/04/15/dell-to-spin-out-remaining-vmware-stake-cements-friends-with-benefits-status-for-at-least-five-years/433637. 
  34. ↑ Janakiram, MSV (April 18, 2016). "Is Fog Computing the Next Big Thing in the Internet of Things". Forbes Magazine. https://www.forbes.com/sites/janakirammsv/2016/04/18/is-fog-computing-the-next-big-thing-in-internet-of-things/2/#1971ac3a34c9. 
  35. ↑ "Dell Technologies creates new IoT division as part of three-year, $1bn investment". http://www.businessreviewusa.com/technology/6079/Dell-Technologies-creates-new-IoT-division-as-part-of-three-year-1bn-investment. 
  36. ↑ "Michael Dell Vows to Invest $1 Billion over Three Years to Fund Internet of Things Business". Fortune. http://fortune.com/2017/10/10/dell-technologies-new-iot-division/. 
  37. ↑ Moorhead, Patrick. "Dell Technologies IQT: Doubling Down On The Internet Of Things" (in en). https://www.forbes.com/sites/patrickmoorhead/2017/10/17/dell-technologies-iqt-doubling-down-on-the-internet-of-things/. 
  38. ↑ Mike, Moore (2018-07-07). "How Dell Technologies helps McLaren stay one step ahead of the game in the world’s fastest sport" (in en). https://www.techradar.com/news/how-dell-technologies-helps-mclaren-stay-one-step-ahead-of-the-game-in-the-worlds-fastest-sport. 
  39. ↑ Alspach, Kyle. "Sophos Closes $859M Acquisition Of XDR Specialist Secureworks". https://www.crn.com/news/security/2025/sophos-closes-859-million-acquisition-of-xdr-specialist-secureworks. 
  40. ↑ Orbach, Meir (2025-12-17). "Dell acquires AI data-infrastructure startup Dataloop in $120 million all-cash deal" (in en). https://www.calcalistech.com/ctechnews/article/ue0yk64n2. 
  41. ↑ Tisdall, Simon (2026-08-08). "kk55" (in en-GB). https://kk55.events/. 
  42. ↑ 42.0 42.1 Downs, Garrett (2026-05-27). "Dell wins a $9.7 billion Pentagon software deal after donating to Trump accounts" (in en). https://www.cnbc.com/2026/05/27/dell-dod-pentagon-software-deal-digital-infrastructure-trump.html. 
  43. ↑ Lipton, Eric (2026-05-28). "Dell Gets a $9.7 Billion Defense Contract. Trump’s Portfolio Stands to Benefit." (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2026/05/28/us/politics/trump-dell-stock-purchases.html. 
  44. ↑ "OpenAI and Dell Technologies partner to bring Codex to hybrid and on-premises enterprise environments". OpenAI. 18 May 2026. https://openai.com/index/dell-codex-enterprise-partnership/. 
  45. ↑ "The merger of Dell and EMC stems from the rise of cloud computing". The Economist. October 12, 2015. https://www.economist.com/news/business/21673523-clouded-marriage-merger-dell-and-emc-more-proof-it-industry-shifting. 
  46. ↑ "Edge data is critical to AI — here's how Dell is helping enterprises unlock its value". November 12, 2024. https://venturebeat.com/ai/edge-data-is-critical-to-ai-heres-how-dell-is-helping-enterprises-unlock-its-value. 
  47. ↑ "Dell Technologies Inc. FY 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/1571996/000157199624000036/dell-20240202.htm. 
  48. ↑ "Document". https://www.sec.gov/Archives/edgar/data/1571996/000157199624000008/exhibit991earnings8kq4fy24.htm. 
  49. ↑ "Dell Technologies Inc. (DELL) Stock Price, News, Quote & History - Yahoo Finance" (in en-US). https://finance.yahoo.com/quote/DELL/. 
  50. ↑ Derek, Saul (1 March 2024). "This Old-School Tech Stock Just Hit A New All-Time High Thanks To AI". https://www.forbes.com/sites/dereksaul/2024/03/01/this-old-school-tech-stock-just-hit-a-new-all-time-high-thanks-to-ai/?sh=563330d15710. 
  51. ↑ Ford, Brody (2024-08-05). "Dell Cuts Workers in Sales Team Reorganization With New AI-Focused Unit" (in en). Bloomberg.com. https://www.bloomberg.com/news/articles/2024-08-05/dell-layoffs-hit-sales-team-with-new-unit-focused-on-ai. 



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