Pivotal files for IPO, as Dell looks to reduce debt

Pivotal Software on Friday filed for an IPO, reporting a $164 million net loss on $504 million in revenue for its most recent fiscal year.

Bottom line: Pivotal is majority owned by Dell Technologies, and this is Dell's first big step toward reducing its massive debt-load. Subsequent steps may include buying the rest of VMWare and/or Dell itself filing to go public.