CHESTERBROOK, Pa., ROUND ROCK, Texas, and SAN FRANCISCO, May 2,
2021 /PRNewswire/ -- Francisco Partners, a leading
global investment firm that specializes in partnering with
technology businesses, and TPG Capital, the private equity platform
of global alternative asset firm TPG, have entered into a
definitive agreement with Dell Technologies (NYSE:DELL) to acquire
Boomi, a leading provider of cloud-based integration platform as a
service (iPaaS). The cash transaction is valued at $4 billion and is expected to close by the end of
2021, subject to customary closing conditions. Terms of the
agreement were not disclosed.
"Boomi has flourished as part of Dell Technologies, growing
exponentially since we acquired them in 2010. This proposed
transaction positions Boomi for its next phase of growth and is the
right move for both companies, our shared customers and partners,"
said Jeff Clarke, vice chairman and
chief operating officer of Dell Technologies. "For us, we're
focused on fueling growth by continuing to modernize our core
infrastructure and PC businesses and expanding in high-priority
areas including hybrid and private cloud, edge, telecom and APEX.
All designed to help organizations thrive in the do-from-anywhere
economy."
"Boomi pioneered the iPaaS category and we have tracked their
growth for a number of years," said Dipanjan Deb, co-founder and
chief executive officer, and Brian
Decker, partner, at Francisco Partners. "The ability to
integrate and connect data and workflows across any combination of
applications or domains is a critical business capability, and we
strongly believe that Boomi is well positioned to help companies of
all sizes turn data into their most valuable asset."
"The need for automation and data integration across
applications has never been greater," said Nehal Raj, partner, and Art Heidrich, principal, at TPG Capital.
"Boomi's cloud-native platform enables enterprises to streamline
business processes and is essential for driving digital
transformation. TPG has a long history of partnering with corporate
leaders like Dell Technologies to carve out and grow dynamic
technology businesses. We look forward to working with the teams at
Boomi and Francisco Partners to accelerate the company's growth as
an independent entity."
Boomi is trusted by more than 15,000 customers globally to
discover, manage and orchestrate data. As the pioneer of fueling
intelligent use of data, Boomi makes it quick and easy for
organizations to connect applications, processes and people across
a range of locations and devices – completing projects in weeks,
not months. With the company's low-code application and data
integration platform, and data quality, discovery and readiness
capabilities, customers can create integrated experiences and
instantly connect people to what they want – making it faster and
easier to unify data, systems, applications, processes, people,
enterprises and organizations globally.
"I am incredibly proud that through innovation, passion and
relentless execution, the Boomi team has created a unified platform
for the modern-day hybrid IT landscape that thousands of customers
worldwide depend on to digitally transform their business," said
Chris McNabb, chief executive
officer of Boomi. "By partnering with two tier-one investment firms
like Francisco Partners and TPG, we can accelerate our ability for
our customers to use data to drive competitive advantage. In this
next phase of growth, Boomi will be in a position of strength to
further advance our innovation and market trajectory while
delivering even more value to our customers."
Morgan Stanley & Co. LLC and DBO Partners LLC acted as
financial advisors to Dell Technologies. Skadden, Arps, Slate,
Meagher & Flom LLP acted as legal advisor to Dell Technologies.
Barclays, Citi and J.P. Morgan Securities LLC acted as financial
advisors to Francisco Partners and TPG Capital. Ropes & Gray
LLP, Paul Hastings LLP and Kirkland & Ellis acted as legal
advisors to Francisco Partners and TPG Capital.
About Francisco Partners
Francisco Partners is a
leading global investment firm that specializes in partnering with
technology and technology-enabled businesses. Since its launch over
20 years ago, Francisco Partners has invested in more than 300
technology companies, making it one of the most active and
longstanding investors in the technology industry. With more than
$25 billion in assets under
management, the firm invests in opportunities where its deep
sectoral knowledge and operational expertise can help companies
realize their full potential. For more information on Francisco
Partners, please visit www.franciscopartners.com.
About TPG
TPG is a leading global alternative asset
firm founded in 1992 with more than $91
billion of assets under management and offices in
Beijing, Fort Worth, Hong
Kong, London, Luxembourg, Melbourne, Mumbai, New
York, San Francisco,
Seoul, Singapore, and Washington, DC. TPG's investment platforms are
across a wide range of asset classes, including private equity,
growth equity, impact investing, real estate, secondaries, and
public equity. TPG aims to build dynamic products and options for
its investors while also instituting discipline and operational
excellence across the investment strategy and performance of its
portfolio. For more information on TPG, please visit
http://www.tpg.com.
About Boomi
Boomi instantly connects everyone to
everything with its cloud-native, unified, open and intelligent
platform. Boomi's integration platform as a service (iPaaS) is
trusted by more than 15,000 customers globally for its speed,
ease-of-use and lower total cost of ownership. As the pioneer at
fueling intelligent use of data, Boomi's vision is to make it quick
and easy for customers and partners to discover, manage and
orchestrate data, while you connect applications, processes, and
people for better, faster outcomes. For more information about
Boomi, visit www.boomi.com.
About Dell Technologies
Dell
Technologies (NYSE:DELL) helps organizations and individuals
build their digital future and transform how they work, live and
play. The company provides customers with the industry's broadest
and most innovative technology and services portfolio for the data
era.
Disclosure Regarding Forward-Looking Statements
Statements in this communication that relate to future results
and events are forward-looking statements and are based on Dell
Technologies' current expectations. The words "may," "will,"
"anticipate," "estimate," "expect," "intend," "plan," "aim,"
"seek," and similar expressions as they relate to Dell Technologies
or its management are intended to identify these forward-looking
statements. Factors or risks that could cause our actual results to
differ materially from the results we anticipate include, but are
not limited to: (i) the failure to consummate or delay in
consummating the proposed transaction; (ii) the risk that a
condition to closing of the proposed transaction may not be
satisfied; (iii) the risk that a regulatory approval that may be
required for the proposed transaction is delayed, is not obtained,
or is obtained subject to conditions that are not anticipated; and
(iv) the effect of the announcement of the proposed transaction on
Dell Technologies' relationships with its customers, operating
results and business generally. Any forward-looking statement
speaks only as of the date as of which such statement is made, and,
except as required by law, Dell Technologies undertakes no
obligation to update any forward-looking statement after the date
as of which such statement was made, whether to reflect changes in
circumstances or expectations, the occurrence of unanticipated
events, or otherwise.
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SOURCE Dell Technologies