Feeds

Dell adds VC hotshot to board

Floats some notes, builds war chest

Boost IT visibility and business value

Dell has appointed Accel Partners managing partner Jim Breyer to its board of directors while adding another $500m to its war chest.

The venture capitalist will take his seat immediately, and will stand for election at Dell's annual shareholder meeting in July.

Breyer, who is 47, has watched over the investments in more than 30 tech companies, including Web 2.0 darling Facebook, where he sits on the board, as well as in Agile Software, Foundry Networks, Hyperion Solutions, Macromedia, RealNetworks, and RedBack Networks.

Breyer sits on the boards of retail giant Wal-Mart and comic book, movie, and game maker Marvel Entertainment. After getting his bachelor's from Stanford University and an MBA from Harvard University, Breyer worked as a management consultant at McKinsey & Company and then did various product marketing and management jobs at Apple and Hewlett-Packard before joining Accel, which has backed a very large number of tech companies over its 25-year history. I counted 231 on that page, and you will recognize a very large number of them.

"Jim has extensive experience in strategic planning and finance, as well as capital markets and emerging companies," said Michael Dell, chairman and chief executive officer at the company that bears his name in a statement. "That insight will be extremely valuable as we enhance our capabilities on behalf of customers and drive to long-term growth."

Back in February, Dell announced that two board members, Michael Miles and Alan Lafley, would be leaving in July. Miles, who is 68 and who has been on the Dell board since 1995, is the former chairman and CEO at Philip Morris, while Lafley, who is 60, is chairman and CEO at Proctor & Gamble.

In a separate matter, Dell said it has entered into underwriting agreements with Banc of America Securities, Morgan Stanley, and UBS Securities to issue and underwrite $500m in notes, which were sold on April 6. The notes pay out 5.625 per cent and are due in 2014.

Dell has not said precisely how it intends to use the $500m, but has been pretty clear that it wants to make acquisitions to bolster its position in the IT space. In the quarter ended January 30, Dell had $8.35bn in cash and equivalents and another $740m in short-term investments which washes pretty nicely against $113m in short-term debt and $1.9bn in long-term debt. With the notes that were just floated, Dell now has a $7.58bn war chest.

That's enough to try to buy Sun Microsystems, if Dell decided to suddenly and completely change its spots. Don't hold your breath. But if Sun is broken up and its bits sold off, don't be surprised when Dell does try to get bits of it. ®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.