IT management solutions provider Quest Software Inc. (QSFT), Tuesday said its shareholders approved the acquisition of the company by Dell Inc. (DELL) at a stockholders meeting.
In July, personal computer maker Dell agreed to acquire Quest Software in an all-cash deal worth about $2.4 billion, outbidding a month long bidding war with private equity firm Insight Venture Partners, which had earlier agreed on a deal to take Quest private.
The deal had the approval of the boards of both companies, and required the approval of Quest's shareholders. Now, the deal is only subject to customary closing conditions.
In its bid to reduce the company's reliance on the desktop PC and Laptop markets, Dell formed a software group to build upon its existing software expertise and to deliver end-to-end IT solutions.
Quest is seen as a strong strategic fit with Dell's software group. It will extend Dell's existing capabilities in systems management, security, data protection and workspace management, and set the foundation of a $1.2 billion software business annually.
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