Francisco Partners and TPG Capital have entered into a definitive agreement with Dell Technologies to acquire Boomi, a 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 COO 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.”
“...we have tracked their growth for a number of years,” said Dipanjan Deb, Co-Founder and CEO, 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...”
“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.” said Chris McNabb, CEO of Boomi.
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.
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