In the biggest tech deal of all time, Dell announced that it has agreed to buy corporate software, storage and security giant EMC for $67 billion.
The deal completes Dell's transformation from a consumer PC business to an IT solutions provider for companies. That process began when Dell bought Perot Systems for $4 billion in 2009 and went full throttle in 2013 when company founder Michael Dell took the business private.
EMC is a behemoth of a corporate IT business. It is among the largest providers of storage hardware in the world. It also makes servers and owns security company RSA, which is known for its hard-to-crack SecurID tokens. And its most prized possession is its 81% stake in VMware -- the company that rules the world of virtualization software that allows businesses to run various operating systems on their devices.
"The combination of Dell and EMC creates an enterprise solutions powerhouse," said Dell in a prepared statement. "Our new company will be exceptionally well-positioned for growth in the most strategic areas of next generation IT."
Michael Dell video address to VMworld Europe 2015 post EMC acquisition announcement
Michael Dell talks EMC merger, HP and more at Dell World 2015 opening press conference