Opentext announced today an agreement to purchase Dell EMC’s Enterprise Content Division (ECD), including the former Documentum, for $1.62 billion. The deal is expected to close within 90 to 120 days.

Dell selling off its content division doesn’t come as a big surprise, considering it doesn’t align with the rest of Dell’s vision of servers, storage, and networking. Once the deal closes, the software, associated services, and employees of ECD will be integrated into OpenText.

ECD consists of companies acquired by EMC over the years. (EMC, of course, was just acquired by Dell). The most famous of the ECD companies was arguably Documentum, which provided document tracking software and was acquired for $1.7 billion in 2003. OpenText said it's looking to strengthen its content management business with the deal.

Barclays acted as a financial advisor to OpenText, providing $1 billion in debt commitment in support of the transaction.

The deal helps Dell slim down, but there could be more to come. A report last week said Dell is considering layoffs of 2,000 to 3,000 to trim overhead.