Citrix has entered into an agreement to acquire Wrike, an online project planning tool, for US$2.25 billion in cash.
Citrix described the acquisition on Jan 19 as “highly complementary to Citrix’s existing customer base and is expected to accelerate Citrix’s SaaS ARR growth.”
Citrix, known for its digital work platform, is looking to complement its portfolio with Wrike’s work management tool. It hopes that the new service offering will further cement its position as a SaaS-based work platform leader.
“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 organization 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,” said Wrike chief executive officer Andrew Filev.
Upon closing, Wrike will gain access to Citrix’s ecosystem of partners. Together, Citrix and Write have over 400,000 in 140 countries.
The Citrix press release wrote that Wrike is expected to have approximately 30 per cent stand-alone growth to between US$180 million and US$190 million in unaudited SaaS annualized recurring revenue (AAR) in 2021.
The deal is expected to close in H1 2021. The two companies will operate independently until the deal closes.