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Dallas Business Journal reports: Dell's plan to acquire Perot Systems Corp. will give the computer maker a platform to enhance the services it provides, but it is likely not big enough to allow the hardware provider to close the gap it faces with the biggest service companies in the industry, an analyst said Monday.

Dell is looking at Perot Systems as a long-term play to expand its services offerings to compete with the likes of California's Hewlett-Packard, which last year acquired Plano's Electronic Data Systems for $13.9 billion, said Rick Hanna, an equity analyst at Chicago's Morningstar, who follows Dell.

And, while it is clear that Dells needs a bigger services platform, Hanna said Perot Systems was probably the only one available and affordable at this time.

But, Hanna added, while Perot Systems has a strong position in certain markets, such as health care and government, the deal "is just not big enough to change the overall competitive dynamics" of the services market.

Under terms of the $3.9 billion agreement, Round Rock-based Dell said it would purchase all of Plano-based Perot Systems' outstanding Class A common stock for $30 per share, a 68 percent premium compared to the price that Perot's shares closed at on Friday.

"It strikes me as a rich premium," Hanna said. "They will have to fire on all cylinders" to make the deal pay off for shareholders.

Dell spokesman David Frink said that Perot Systems' valuation in the deal "is based on the full realization of (Perot Systems') capabilities, as well as the synergies between the companies. We believe there's a great global potential for the combined offerings" of the two businesses.

As for Hanna's comments that the deal is not big enough to be a game changer in tech services, Frink said the combination of Perot Systems and Dell's services business creates an operation that, on a stand-alone basis would generate about $8 billion in annual revenue in information-technology services.

Frink declined to speculate on any possible job cuts in connection with the Perot Systems deal. "Any affect on (staffing) will likely be minimal," he added. "We are also expecting growth in the services business that could create more job opportunities as growth accelerates."

The transaction is expected to be complete in Dell’s November-January fiscal quarter. Customary government approvals are still pending.

After the acquisition, Perot Systems’ Chief Executive Officer Peter Altabef will lead Perot Systems as the service unit of Dell, and Dell will consider adding Perot Systems’ chairman Ross Perot Jr. to its board.

The merger will combine Dell’s expertise in building computer technology with Perot Systems’ global information technology infrastructure business.

“This transaction represents a great opportunity for our company and our associates,” said Ross Perot Jr., in a prepared statement. “Today’s announcement is the next step in formalizing a relationship that has flourished for some time. When my father founded Perot Systems he envisioned a global information-technology leader. The new, larger Dell builds on that promise and its own successes by taking Perot Systems’ expertise to more customers than ever.”

In a statement, the two companies said the merger will provide more Dell computer systems to Perot customers, while also extending the information technology services offered by both companies on a global scale.

Signs of a close relationship between the two companies showed up earlier this year when the two businesses said they were teaming up to help physicians and hospitals put electronic health record systems and related technology in place. The alliance was billed as a means to helping the medical community meet electronic health record requirements outlined in the stimulus bill.

At the time, Perot Systems (NYSE: PER) said the two companies had set a goal of creating health care technology products that allow hospitals to implement mobile clinical computing, while also providing a secure virtual server and virtual medical archiving.

Perot Systems was founded more than 20 years ago by Ross Perot. Perot's son, Ross Perot Jr., now serves as chairman of the board, while Perot Sr. serves as chairman emeritus.

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Jeff Bounds is a staff writer for the Dallas Business Journal.