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Citrix Systems To Buy Wrike For $2.25 Bln Cash - Quick Facts

Citrix Systems, Inc. (CTXS) announced Tuesday that it has entered into a definitive agreement to acquire Wrike, a SaaS collaborative work management space, for $2.25 billion in cash.

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. Together, Citrix and Wrike will serve over 400,000 customers across 140 countries.

Financing and purchase accounting impacts to deferred revenue will affect 2021 adjusted earnings per share. Integration and other costs related to the acquisition are expected to be modestly dilutive to adjusted earnings per share in 2021.

Citrix expects to fund the transaction with a combination of new debt and existing cash and investments.

The transaction, which has been unanimously approved by the board of directors of both Citrix and Wrike, is expected to close in the first half of 2021, subject to regulatory approvals and other customary closing condition. Upon closing, Andrew Filev will continue to lead the Wrike team and report to Arlen Shenkman, EVP and Chief Financial Officer, Citrix.

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