Citrix Acquires Project Management Platform Wrike for $2.25 Billion

By Avi Ben Ezra Wednesday, January 20, 2021

The networking software giant Citrix announced it acquired the software as a service, or SaaS, startup Wrike from the private equity firm Vista Equity Partners for $2.25 billion in cash.

Citrix offices in Silicon Valley.

Expanding Remote Work Portfolio

With this deal, Citrix has continued to expand its portfolio after benefiting from a work-from-home regime amid the pandemic outbreak. Companies that offer digital workplace solutions are seeing high interest in their business products as remote work trends may be here to stay.

“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,” said David Henshall, President and CEO of Citrix.

Vista is likely to have booked huge profits on Wrike after it acquired the digital workplace startup in 2018. Wrike has raised only $26 million so far, signaling relatively low valuation before the pandemic has started.

Citrix and Wrike look like a good business match given that the former offers digital workspaces while the startup is seen as a SaaS project management platform. The company will use Wrike’s digital work management solutions to further improve its overall digital work platform.

Moreover, the addition of the startup and its cloud-based capabilities will further accelerate the company’s business model transition to the cloud. According to the official statement, the two companies will together serve over 400,000 customers across 140 countries.

“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 Andrew Filev, Founder and CEO, Wrike.

The SaaS startup reported $140 million in annual recurring revenue (ARR) last year. It expects its business to grow about 30% to a region of $180 million to $190 million in 2021. The San Jose-based business currently employs over 1,000 staff.

Summary

Citrix, which offers unified digital workspace solutions, said it acquired SaaS project management startup company Wrike from the private equity firm Vista Equity Partners for $2.25 billion in cash. This way, the company has further expanded its digital workplace business.

About the Author


Headshot for author Avi Ben Ezra

Avi Ben Ezra is the Chief Technology Officer (CTO) and Cofounder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.

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