logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Australian government has passed the newly amended Media Bargaining Code in the parliament which requires technology giants Facebook and Google to pay for local Australian news content that is shared on their platforms. Regeneron Pharmaceuticals, Inc. (REGN) Thursday said it stopped enrollment into the placebo group for its Phase 3 trial of REGEN-COV in non-hospitalised patients with COVID-19 as per the recommendations from the Independent Data Monitoring Committee or IDMC. According to the company, the IDMC found... Moderna Inc. (MRNA) Thursday reported a fourth-quarter net loss that widened from last year. But quarterly revenues surged from the previous year, driven by increases in grant revenue and product sales. The company raised its 2021 COVID-19 vaccine manufacturing plan.
Follow RTT