TheCable

Dell Technologies announced completion of the acquisition of EMC Corporation, becoming the largest privately-controlled technology company in the world.

The merger is aimed at “creating a unique family of businesses that provides the essential infrastructure for organizations to build their digital future, transform IT and protect their most important asset, information”.

According to Dell, this combination creates a $74 billion market leader, with service to 98 percent of the Fortune 500.

“This unique structure combines the focus and innovation of a startup with the global scale and service of a large enterprise,” Dell Technologies said in a statement.

“Dell Technologies’ scale will enable it to deliver more innovation and investment in R&D, sales and marketing, services and support and deliver more efficient and cost-effective solutions for customers.”

According to Michael Dell, the chairman and CEO of Dell Technologies, the company is 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. We have the products, services, talent and global scale to be a catalyst for change and guide customers, large and small, on their digital journey.”

Dell Technologies blends Dell’s go-to-market strength with small business and mid-market customers and EMC’s strength with large enterprises and stands as a market leader in many of the most important and high-growth areas of the $2 trillion information technology market, including positions as a “Leader” in 20 Gartner Magic Quadrants and a portfolio of more than 20,000 patents and applications.

Also commenting on the historic merger, Jamie Dimon, chairman and CEO, JPMorgan Chase, noted that financial services is one of the first-movers in embracing technology to better serve their customers.

“As one of the world’s biggest users of Dell and EMC, we spend approximately $9 billion a year on technology, infrastructure, cloud computing, big data analytics and cybersecurity. I’m thrilled for Michael and the new company, and we are eager to see everything they create in the future,” he said.

Marc Benioff, chairman and CEO, Salesforce, added: “Salesforce’s partnership with Dell and EMC has been instrumental in pushing innovation across the industry”.

“Michael is an incredible visionary and one of the most important leaders in our industry. He has been an amazing partner contributing to our success. Now with Dell Technologies, he is once again reshaping the technology industry.”

When the transaction closed on September 7, 2016, EMC shareholders received $24.05 per share in cash in addition to tracking stock linked to a portion of EMC’s economic interest in the VMware business.