Cloud is king these days. With remote and hybrid activity at their peak, and businesses flocking to MSPs to transform outdated, legacy infrastructure, cloud support is now an essential element for any organization attempting to keep up with the modern economy. This fact has now grabbed the attention of major investment groups, which hope to accelerate the availability of cloud resources to fuel business activity across the globe.
This week, Citrix, a leading provider of cloud technology and virtualization solutions, announced it has entered an official agreement to be acquired by enterprise technology investment firm Vista Equity Partners (“Vista”) and Evergreen Coast Capital. The deal will be a fully cash transaction valued at $16.5 billion. As part of this acquisition. Vista and Evergreen leaders will merge Citrix (News - Alert) with enterprise data management company TIBCO Software(also owned by Vista), with the intention of creating one of the largest private SaaS and IT management companies in the world.
“Together with TIBCO, we will be able to operate with greater scale and provide a larger customer base with a broader range of solutions to accelerate their digital transformations and enable them to deliver the future of hybrid work.” commented Bob Calderoni, Chair of the Citrix Board of Directors and Interim Chief Executive Officer and President. “As a private company, we will have increased financial and strategic flexibility to invest in high-growth opportunities, such as DaaS, and accelerate its ongoing cloud transition.”
The terms of the acquisition were unanimously agreed upon by the Citrix Board of Directors. Though the closing conditions and regulatory approvals are still pending, the deal is expected to be finalized by the middle of 2022.
“We have always viewed Citrix as a true technology pioneer, building and defining so many categories that have changed the landscape of the industry,” added Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “As a private company, Citrix will have access to additional resources and support, as well as more flexibility to take advantage of strong secular tailwinds with trends supporting modern and secure remote hybrid work to serve the combined customer base and invest in high growth markets.”
Edited by Luke Bellos