EMC is looking to sell Documentum as part of a deal with Dell to unload assets ahead of a $67 billion merger, Bloomberg News reports.
Dell, meanwhile, is selling software assets Sonicwall and Quest.
The divestitures are expected to reduce the debt burden the companies will assume when their merger is finalized, which is expected to happen this fall.
Documentum software is used to secure and track corporate documents and files. EMC bought the company for $1.7 billion in 2003.
In all, the companies reportedly plan to divest more than $6 billion in assets.
Last month, Dell announced it would sell its IT services subsidiary, Dell Services, to NTT Data for $3.06 billion. Dell purchased Dell Services, formerly Perot Systems, for $3.9 billion in 2009, so the $3.06 billion sale to NTT came at a loss of more than $800 million.
Dell announced last October it would merge with EMC in a $67 billion deal -- the largest merger ever recorded between two technology companies. Though the deal is not yet finalized, it has passed several antitrust hurdles and the companies expect to finalize it this year.