The acquisition reflects Citrix’s push towards a recurring revenue business model.
Citrix has announced that it will indeed acquire the SaaS project management platform Wrike from Vista Equity Partners, who themselves acquired Wrike only 2 years ago. Citrix will provide the $2.25 billion purchase amount in cash, according to reports.
The announcement confirms the rumours that had been swirling about a possible deal earlier this week and which we reported here.
A match made for post-COVID work environments
The Citix platform securely delivers the resources an employee needs to be productive in one unified experience, while Wrike’s platform streamlines collaboration and work execution, providing employees with additional tools to work efficiently and securely wherever they may be.
The addition of Wrike’s cloud-delivered capabilities will accelerate Citrix’s business model transition to the cloud, the company reported.
The acquisition also reflects Citrix’s strategy to become a complete SaaS-based work platform addressing the needs of various functional groups within the enterprise, they said.
“The Future of Work”
David Henshall, President and CEO, Citrix, explained the company’s forward-looking philosophy. “We believe that in the future, success will go to those companies that can support flexible and hybrid work models and provide a consistent, secure and efficient experience that removes the complexity and noise from work so employees can focus and perform at their best, wherever they happen to be.”
Andrew Filev, founder and CEO at Wrike, praised the synergistic nature of the deal in a blog post. “First, as part of the Citrix family we will be able to scale our product and accelerate our roadmap to deliver capabilities that will help our customers get more from their Wrike investment,” he said.
“We have always listened to our customers and have built our product based on their feedback — now we will be able to do more of that, faster,” Filev wrote.
Citrix said the two companies will operate independently until the deal closes, which it expects to happen in the first half of 2021.