Dell announced Monday that Francisco Partners and Elliott Management Corporation will acquire the Dell Software Group.
The acquisition is valued at more than $2 billion, according to a Reuters report.
The move will help Dell refocus and streamline the business prior to finalizing its purchase of EMC Corp., which is expected to close this fall.
The sale of Dell's software division will allow the company to shed some of its less profitable assets, including Quest Software and SonicWall, according to Reuters' sources. In March, Dell announced it would sell its IT services subsidiary, Dell Services, to NTT Data for $3.06 billion. With the recent move to divest its software assets, Dell is working to lessen the nearly $50 billion in debt the company is taking on to finance the EMC purchase.
As consumer demand for tech slows, the enterprise market is becoming a more important sales outlet for products and technology solutions. Chief Executive Officer and founder Michael Dell recently said he wants to use the EMC purchase to broaden the company’s focus, continuing the shift away from PCs and software toward enterprise solutions.
In May, Michael Dell said that once the merger with EMC is complete, the business will rebrand as Dell Technologies. The deal will result in sub-brands, including Dell EMC, the new name for the company's enterprise business. Among other things, Dell Technologies will look to dominate the cloud IT infrastructure market.