Dell is in an interesting position, for whilst it is a private company it also owns a majority of VMware – which is not. This minor fact has some consequences, for example because of the impact of any major changes on VMware, it has to file intentions with the regulators in the US. And indeed it has made some filings that lead to a reading of the entrails.

All this adds to long held speculation regarding its future, and all the evidence points to some major changes. A sale of VMware, an IPO and merger with VMware into one organisation are all possible.

Dell is currently the world’s largest privately held technology company, but has considerable debt, and its margins are under pressure in the fiercely competitive PC and storage sectors.

VMware has cash, and so that option may appeal, and would selling its stake in the company. All options might help appease Silver Lake, the VC that helped Dell CEO Michael Dell in taking the company private.

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