5 Things To Know About Citrix’s Acquisition Of Wrike
Citrix Systems is paying $2.25 billion to buy work management application vendor Wrike.
Acquisition Agreement Details
Citrix entered into a definitive agreement to buy Wrike for $2.25 billion in cash from Vista Equity Partners, which acquired the company in 2018.
The transaction has been unanimously approved by each companies’ board of directors and the acquisition is expected to close in the first half of 2021, subject to regulatory approvals and other customary closing conditions.
Citrix, based in Ft. Lauderdale, Fla., expects to fund the deal with a combination of new debt and existing cash and investments and has obtained a commitment from JPMorgan Chase Bank, N.A. for $1.45 billion in a senior unsecured bridge loan.
Wrike founder and CEO Andrew Filev will continue to lead the Wrike operations once the acquisition is completed. He will report to Arlen Shenkman, Citrix executive vice president and chief financial officer.