Digital work platform Citrix to buy Vista's Wrike for US$2.25b

[FLORIDA] Citrix Systems would buy project management platform Wrike for $2.25 billion from private equity firm Vista Equity Partners, the remote work solutions provider said on Tuesday.

As more companies are choosing to let their employees work remotely on a permanent basis after the Covid-19 pandemic forced office spaces to close during lockdowns, demand for technologies that facilitate virtual collaboration has surged significantly.

Wrike counts Google, Airbnb, Dell and Siemens among its customers.

Citrix said it expects to finance the deal with a combination of new debt and existing cash and investments.

Wrike founder and chief executive officer Andrew Filev will continue to lead the company after the merger, expected to close in the first half of 2021.

JP Morgan Securities served as financial adviser to Citrix, while Goldman Sachs Group advised Wrike.

REUTERS