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5 Things To Know About Citrix’s Acquisition Of Wrike

Citrix Systems is paying $2.25 billion to buy work management application vendor Wrike.

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The Financial Impact

As of the close of trading Tuesday, the day the acquisition was announced, Citrix shares were trading at $135.36, up $3.36 per share or 2.55 percent for the day.

Citrix said it expects Wrike to generate approximately 30 percent stand-alone growth in 2021 to between $180 million and $190 million in annual recurring revenue.

Citrix said the acquisition’s financing and purchase accounting impacts to deferred revenue will affect 2021 non-GAAP earnings per share. Integration and other costs related to the acquisition are expected to be modestly dilutive to non-GAAP earnings per share in 2021. The transaction is expected to be neutral to Citrix’s fiscal year 2022 non-GAAP earnings per share and free cash flow, and accretive thereafter.

The announcement of the Wrike acquisition came the same day Citrix announced its 2020 fourth-quarter and full-year (ended Dec. 31) results.

For the quarter Citrix reported revenue of $809.7 million (essentially flat with $809.8 million one year before) and net income of $112.1 million (down nearly 46 percent from $207.1 million one year earlier).

For all of 2020 Citrix reported revenue of $3.24 billion, up 7.5 percent from $3.01 billion in 2019.

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