VMware office in Palo Alto, Calif. Photo: Yichuan Cao/NurPhoto via Getty Images

Software company VMware has agreed to acquired Pivotal and Carbon Black, valued at $2.7 billion and $2.1 billion respectively.

Why it matters: These are VMware's largest acquisitions to date, which the company says will bolster its product offerings and revenue, per CNBC. VMware's stock price dropped nearly 4% in after-hours trading.

Editor's note: This story's headline has been corrected to show the correct name for Carbon Black.

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