Elliott Management Corp and Vista Equity Partners announce their plans to acquire Citrix in an deal worth $13 billion, reported Reuters. Recently, Elliott and Vista used the loan market to fund their $104 per share cash bid for Citrix.
After the complete acquisition, the companies plan to merge Citrix with Vista’s own data analytics firm, Tibco. Vista is a Texas-based company that specializes in software buyouts. This new deal will be the company’s largest acquisition to date.
According to various sources, since last October, Elliott, the hedge fund that has been looking for partners to help it go private. United States-based cloud computing company Citrix Systems was founded by Ed Lacobucci and Srikanth Tirumala in 1989.
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The firm specializes in providing a complete and integrated portfolio of Workspace-as-a-Service, application delivery, virtualization, mobility, network delivery, and file sharing solutions.
Citrix aims to give people, organizations, and things that are securely connected and accessible to make the extraordinary possible.
Citrix failed to capitalize on the increase of remote working during the ongoing pandemic as it spent too much on its salesforce and very little on its distribution partners, according to Citrix interim Chief Executive Robert Calderoni. Higher operating costs dragged on the company’s operating profits, which fell to $84.5 million in the third quarter from $128.3 million a year ago.