Covering the Digital Age in Philadelphia
Dell Boomi sold to PE firms for $4 billion (Update)
The Wall Street Journal is reporting today that Dell is close to announcing the sale of its Chesterbrook-based Boomi unit to private equity firms Francisco Partners and TPG. (Now Bloomberg reports its a done deal).
It says the transaction, which might be announced later tonight, could be valued at $4 billion including debt.
Francisco Partners and Elliot Management Group reportedly offered to buy Boomi as part of the Dell Software Group in 2016, but Dell wasn’t ready to sell.
Michael Dell was personally involved in Dell’s acquisition of Boomi in 2010, when revenue was still relatively small, and championed the company as it grew. But Dell is still chopping away at debt, and Boomi is probably not strategic to what Dell is today.
Rick Nucci was the founder, and Bob Moul later joined as GM. They departed some time after Dell’s acquisition, and Chris McNabb became CEO.
To be determined eventually is wheher Boomi will remain committed to the Philly area. As of now, Chesterbrook is its official headquarters, but headcount is split between there and San Francisco.
Salesforce bought iPaaS competitor MuleSoft for $6.5 billion in 2018.
Contacted by email for comment, R “Ray” Wang, Founder, Chairman, & Principal Analyst of Constellation Research, responded referring to both the Boomi sale and the proposed spinoff of Dell’s 81% stake in VMware:
- “yep. expected. Dell makes out. he engineered the most interesting bail out in history.
- He took his company back from Silverlake, doubled down in software and found his financial freedom.”
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Circonus Raises $6.8 Million Series A1 Investment; Appoints Serial Technology Entrepreneur, Bob Moul, as CEO” https://phillyenterprisetech.com/circonus-raises-6-8-million-series-a1-investment-appoints-serial-technology-entrepreneur-bob-moul-as-ceo/ https://twitter.com/nytimestech/status/1225719111193415681PhillyEnterpriseTechProudly powered by WordPress