The acquisition will combine Citrix Systems’ digital work platform with Wrike’s work management solution
US-based software firm Citrix Systems has agreed to acquire Wrike, a SaaS-based work management platform provider, from Vista Equity Partners and others for $2.25bn.
Based in California, Wrike offers solutions that help teams and distributed workers to plan, manage and complete work at scale.
The company has a workforce of over 1,000 employees and is said to cater to nearly 18,000 customers across the world. Wrike’s unaudited SaaS annualised recurring revenue (ARR) for 2020 was more than $140m.
Vista Equity Partners had acquired a majority stake in the work management platform provider in November 2018 for an undisclosed price.
According to Citrix Systems, the acquisition will bring together its digital work platform and Wrike’s work management solution.
The company further said that the addition of Wrike’s cloud-delivered capabilities will speed up the transition of its business model to the cloud and strategy. This is expected to help Citrix Systems become a 100% SaaS-based work platform that can address the requirements of multiple functional groups within the enterprise.
Citrix Systems president and CEO David Henshall said: “Together, Citrix and Wrike will deliver the solutions needed to power a cloud-delivered digital workspace experience that enables teams to securely access the resources and tools they need to collaborate and get work done in the most efficient and effective way possible across any channel, device or location.”
The combined company, post-acquisition, will serve more than 400,000 customers in 140 countries. Also, the deal will enable Wrike to get access to Citrix Systems’ ecosystem of partners, thereby giving it new opportunities to deliver additional value for customers.
Wrike founder and CEO Andrew Filev said: “When it comes to the future of work, Citrix and Wrike share a common vision and mission: to reduce the complexity and chaos of work and empower every person, team, and organisation to achieve their very best.
“Together, we will unlock the workspace of the future, truly transforming the work experience and equipping people with an innovative set of solutions they can use to exceed goals and keep business moving forward.”
The deal, which is subject to receipt of regulatory approvals and other customary closing conditions, is expected to be completed in the first half of next year.