"[Dell] looks for small to mid-sized companies that have some sort of technology value-add," O'Connell says. Larger firms, he adds, might be more difficult to integrate completely, so Dell will likely restrict its buying practices to more easily digestible fare.

Nevertheless, according to EMA managing research director Steve Brasen, the Texas-based computer company has more ground to cover in its bid to outdo competitors HP and IBM.

"There are still a number of holes they need to fill in infrastructure management," he says, citing infrastructure as a major example.

"If you look at IBM and HP in particular ... they all have infrastructure management solutions in place today, and Dell really hasn't been competing in that particular area," Brasen says. Given the tendency of large customers in particular to look for one-stop shopping options when it comes to IT, this shortfall is likely costing Dell some business.