Privately held Dell Technologies is conducting a review of its strategic options including a possible initial and the acquisition of the remaining portion of VMware (VMW) - Get Report that it doesn't already own, according to published reports.

The review comes as Dell is struggling to increase revenue and raise cash, Bloomberg reported.

Dell acquired its majority stake in VMware as part of its acquisition of EMC Corp. for $67 billion in 2016.

The company is also considering a share offering of its Pivotal Software unit.

Dell, once the dominant PC maker in the U.S., has shifted to providing hardware and services to the corporate market in recent years. Founder Michael Dell took the company private in 2013 in partnership with Silver Lake Management.

The company could use cash raised in an IPO or Pivotal share offering to reduce the roughly $50 billion debt load it continues to carry in the wake of its EMC acquisition, Bloomberg and the Wall Street Journal reported.

VMware shares soared more than 18% midday Friday.

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