Leading unified workplace technology provider, Citrix, recently announced that it’s entering into a definitive agreement to purchase Wrike for $2.25 billion. The Wrike cloud-based collaboration solution empowers teams to operate more effectively together in a remote and digital environment.
The purchase by Citrix will be the largest that the company has ever made, and the transaction could mean that a new Slack and Microsoft Teams competitor will soon be on the horizon. Citrix systems will be funding the purchase with a combination of existing cash, new debt, and investments. The purchase is going through for a quarter of a billion more than the initial amount in the rumour mill.
The official announcement about the acquisition from Citrix came at the same time the company announced its earnings for the fourth quarter.
Supporting the Future of Work
Andrew Filev
With the acquisition of Wrike, Citrix will further position itself as a new solution ready to support the modern workplace of tomorrow. According to CEO and President of Citrix, David Henshall, the two companies will come together to deliver enhanced solutions for the modern workspace. The new purchase will assist Citrix in creating a cloud-based workspace that empowers distributed teams.
Through Citrix and Wrike, companies will have the digital and versatile resources they need to get work done in the most flexible and scalable environments, across any device, channel, or space. Wrike’s CEO and founder, Andrew Filev, also commented on the acquisition. According to him, Wrike and Citrix make for an excellent duo, as they share a common mission and vision.
Both Wrike and Citrix want to reduce the complexity of the current workplace and support every team in the landscape to achieve the best possible outcomes. According to Andrew, the acquisition will mean that Citrix and Wrike can work together to transform the workplace of the future, equipping everyone with the solutions they need to exceed their goals.
Accelerating Ongoing Growth
The decision to purchase Wrike will undoubtedly increase Citrix’s growth in the SaaS environment. Wrike is expected to see 30% growth from a standalone perspective, between around $180 and $190 million in the SaaS space for 2021, with the opportunity to continue growing even further under new ownership from Citrix.
The Citrix team further announced that it has obtained a new commitment from JPMorgan Chase Bank for around $1.45 billion senior bridge loan support. The transaction is expected to come to a close during the first half of 2021.
from UC Today https://ift.tt/3oqD2S3
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