ROUND ROCK, Texas ( TheStreet) -- Just hours after Dell ( DELL) announced its $3.9 billion acquisition of Perot Systems ( PER), speculation is already mounting about the tech giant's next M&A target.

Dell's M&A ambitions have been known for some time, with storage and services touted as the two most likely target areas. With Perot Systems, the tech bellwether has ramped up its services business to compete with IBM ( IBM) and Hewlett-Packard ( HPQ), so storage may be next.

Not for the first time, backup specialist CommVault ( CVLT - Get Report) is being mentioned. "We expect the company to remain acquisitive and see CommVault as the best fit within our coverage universe," wrote Jayson Noland, an analyst at R.W. Baird, in a note released Tuesday.

CommVault uses a technology called de-duplication, which aims to ensure that the same pieces of information are not stored. With companies drowning in ever-growing volumes of data, de-dupe is fast emerging as a hot technology, as evidenced by EMC ( EMC) and NetApp's ( NTAP - Get Report) recent tug of war over Data Domain ( DDUP).

With PC sales tanking, Dell needs to re-invent itself as an enterprise computing entity, and has already made a foray into the storage space, snapping up EqualLogic for $1.4 billion last year. Clearly a going concern, Michael Dell recently said that EqualLogic is now four times larger than when the company was acquired.

Even during the recent recession, storage was seen as one of the healthier parts of the tech sector, thanks largely to firms' unbridled data growth. From finance to retail and Internet service providers, companies are under increasing pressure to retain data and many are rethinking their storage strategies. Against this backdrop, large tech players such as EMC have been bolstering their storage stories.

CommVault, for example, has also been touted as a possible acquisition target for NetApp ( NTAP - Get Report), underlining its status as M&A bait.

Toni Sacconaghi, senior research analyst at Sanford Bernstein, agrees that Dell is likely to shift its focus onto enterprises.

"I think where Dell wants to move is another hot hardware category like storage," he told CNBC's Fast Money. Like Noland, Sacconaghi sees CommVault as a likely target, along with Compellent ( CML), underlinging the firm's desire to transition from low-margin PCs.

Sacconaghi also listed Customer Relationship Management (CRM) specialist ( CRM - Get Report) as potential M&A bait, which would certainly boost the firm's services business.

Shares of CommVault closed down $1.45, or 6.76%, at $19.99 Monday as investors responded to Dell's Perot deal. CommVault, however, is not the only firm with de-duplication in its armory, and virtual tape library specialist FalconStor ( FALC) could also be a potential target, along with Quantum ( QTM) and privately-held Sepaton.

-- Written by James Rogers in New York