The software company Citrix Systems is about to be sold. The takeover by the private equity firms Evergreen Coast Capital (Elliott Management) and Vista Equity Partners is to take place this week. In the room is a price of 13 billion US dollars.
Citrix Systems sale nears completion
As the Wall Street Journal reports, citing sources familiar with the negotiations, the sale of software company Citrix Systems is nearing completion. For about $13 billion, the group could go to Evergreen Coast Capital (Elliott Management) and Vista Equity Partners.
It would also be conceivable for Vista Citrix to merge with Tibco. This company was also acquired in 2014 for around four billion dollars and has since been sold several times.
Citrix Systems generates most of its revenue with software for virtual desktops, Virtual Desktop Infrastructure (XenDesktop). In combination with the Citrix Workspace App, this enables access to Citrix Virtual Apps (formerly Citrix XenApp) and desktop installations (formerly Citrix XenDesktop) from various smartphones and computers.
The company also offers software solutions on web application acceleration or web application firewalls, WAN optimization, other security software and more.
Deal could be quick
Elliott Management has held about a 10 percent stake in Citrix Systems, valued at more than $1 billion, for years. Already since 2015, a possible sale is in the room, now it could go – about seven years later – very quickly.
Due to pressure from investors, David Henshall, CEO of Citrix, resigned last October. COVID-19-related demand had given the company a 13 percent increase in revenue in the third quarter. Together, Citrix and Tibco would serve about 400,000 customers, including a whopping 98 percent of Fortune 500 companies.
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