CloudCXOsNews

Citrix Signs $2.25 Billion Deal To Acquire Wrike

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Citrix Systems has entered a $2.25 billion deal to acquire Wrike, a Vista Equity Partners portfolio company. Until close, the companies will continue to operate independently.

The transaction should close in the first half of 2021. Upon closing, Filev will continue to lead the Wrike team and report to Arlen Shenkman, EVP and Chief Financial Officer, Citrix.

The addition of Wrike’s cloud-delivered capabilities will accelerate Citrix’s business model transition to the cloud and strategy to become a complete SaaS-based work platform addressing the needs of various functional groups within the enterprise.

The combined company will offer customers an enhanced value proposition through complementary solutions, unlocking new revenue opportunities both within existing installed customer bases and new lines of business buying centers, including marketing, professional services, and HR.

Together, Citrix and Wrike will serve over 400,000 customers across 140 countries. In addition, upon closing, Wrike will gain access to Citrix’s robust ecosystem of partners, creating new opportunities within the ecosystem to drive additional value for customers.

Headquartered in San Jose, California, and employing more than 1,000 employees, Wrike provides approximately 18,000 customers globally with solutions that empower teams and distributed workers to plan, manage and efficiently complete work at scale.

Wrike is expected to have approx. 30 percent stand-alone growth to between $180 million and $190 million in unaudited SaaS annualized recurring revenue (ARR1) in 2021.