Preference for Dell's M&A plans would would be storage, software and services (decreasing order of preference).
NetApp has been touted by some as a perfect candidate for Dell.
While many analysts believe that Dell would prefer an acquisition of a storage company, a storage acquisition may impact Dell's arrangements with EMC. EMC accounts for a significant portion of Dells network storage dollars.
In software and services, Dell could attack niches in the enterprise server and storage space.
The suspects by areas include:-
CSC, CapGemini, Sapient, Perot, Syntel, Atos
CA, TIBCO, Salesforce.com, BMC, Citrix