Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, and Evergreen Coast Capital, an affiliate of Elliott Investment Management L.P., have entered into a deal to acquire Citrix in an all-cash transaction valued at $16.5 billion, including the assumption of Citrix debt.
Vista and Evergreen intend to combine Citrix and TIBCO Software, one of Vista’s portfolio companies.
TIBCO is a global provider of enterprise data management software that helps customers to connect, unify, and confidently predict business outcomes. The combination brings together Citrix’s secure digital workspace and application delivery suite with TIBCO’s real-time intelligent data and analytics capabilities to support customers and users with the secure application and information access and insights they need to accelerate digital transformation and navigate the hybrid workplace.
The companies say this union will create one of the world’s largest software providers, serving 400,000 customers, including 98% of the Fortune 500, with 100 million users in 100 countries. Further, it will accelerate Citrix’s defined growth strategy and SaaS transition. The combined company will be positioned to provide complete, secure, and optimized infrastructure for enterprise application and desktop delivery and data management to advance hybrid cloud IT strategies and meet the needs of the modern enterprise.
“Over the past 3 decades, Citrix has established itself as the clear leader in secure hybrid work. Our market- leading platform provides secure and reliable access to all of the applications and information employees need to get work done, wherever it needs to get done. By combining with TIBCO, we will expand this platform and the outcomes our customers achieve,” said Bob Calderoni, chair of the Citrix board of directors and interim chief executive officer and president. “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. 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.”
Dan Streetman, CEO of TIBCO, added, “There has never been a better time to be in the business of connected intelligent analytics, and we’re thrilled to bring our industry-leading solutions to Citrix’s global customers. The workplace has changed forever, and companies everywhere will require real-time access to faster, smarter insights from the increasingly large volumes of data available to them, their employees, and their ecosystems. I couldn’t be more excited about our combined vision and look forward to a strong partnership.”
The transaction, which has been unanimously approved by the members of the Citrix Board of Directors voting on the matter, is expected to close mid-year, subject to customary closing conditions, including approval by Citrix shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition. Upon completion of the transaction, Citrix’s shares will no longer trade on the Nasdaq, and Citrix will become a private company. Citrix will continue to operate under the Citrix name and brand, and will remain headquartered in Fort Lauderdale, Florida.
Elliott and certain of its affiliates, which hold an approximately 12% interest in Citrix through a combination of outstanding shares of Citrix common stock and derivatives, have entered into a voting agreement with Citrix, pursuant to which they have agreed, among other things, to vote their shares of Citrix common stock in favor of the transaction.
Elliott and certain of its affiliates, which hold an approximately 12% interest in Citrix.
For more information, go to www.citrix.com, www.vistaequitypartners.com, and www.tibco.com.