Citrix strategies to receive Wrike for $2.25 billion and combine its task management software package into Workspace, Citrix’s SaaS application for delivering business applications to corporate personnel.
The enterprise declared the acquisition Tuesday, expressing the deal is subject matter to regulatory approval. If all goes effectively, Citrix expects to shut the deal — its most significant obtain to date — in the initial half of 2021.
Wrike’s software package will help companies coordinate initiatives by delivering a central position to track progress, assign responsibilities and set a schedule. Wrike, started in 2006 and dependent in San Jose, Calif., serves about eighteen,000 shoppers, competing in the task management market against items like Smartsheet and Microsoft Undertaking. The agency is a Vista Fairness Associates portfolio enterprise and counts Nielsen, Siemens and marketing enterprise Hootsuite amid its shoppers.
In accordance to a Citrix launch, Wrike finished 2020 with $a hundred and forty million in SaaS yearly recurring earnings and has additional than 1,000 workforce.
Citrix will fund the deal by means of the two new financial debt and current hard cash and has set up a $1.45 billion bridge personal loan from JPMorgan Chase Bank.
Citrix claimed the two organizations would continue on to operate independently until eventually the deal closes. At that issue, Wrike founder and CEO Andrew Filev will continue on to lead his staff, reporting to Citrix CFO Arlen Shenkman.
Mark Bowker, an analyst at Company Technique Group, claimed the acquisition would offer Citrix with software package that could possibly show vital for managing at-home personnel unavailable for in-particular person meetings with supervisors. Undertaking management software package allows organizations track all those employees’ progress and be certain that work stays on schedule.
Tim Minahan
Citrix government vice president Tim Minahan claimed the enterprise will offer information on integrating Wrike’s software package into Workspace following the deal closes. Citrix has positioned Workspace as a central hub for delivering only the business software package personnel need to have to do their employment.
Minahan pointed out that hybrid work is additional commonplace than ever and claimed Wrike furthers Citrix’s aim of delivering distant access to additional business applications.
Mike Gleason is a reporter masking conclusion-user computing subject areas this kind of as desktop management. He formerly lined communities in the MetroWest location of Massachusetts for the Milford Day-to-day Information, Walpole Instances, Sharon Advocate and Medfield Push. He has also labored for newspapers in Central Massachusetts and Southwestern Vermont and served as a community editor for Patch. He can be discovered on Twitter at @MGleason_TT.
Company Technique Group (ESG) is a division of TechTarget.