Citrix to be acquired by Vista and Evergreen/Elliott in a $16.5B all-cash deal, will be merged with Tibco to create SaaS powerhouse
More consolidation is afoot in the world of IT to meet a new demand from enterprises for “one-stop shops” covering a wide range of needs in our hybrid world of work. Citrix, the long-in-the-tooth virtualization giant that had been making a slow transition into cloud computing, is being acquired by PE firms Vista Equity Partners and Evergreen Coast Capital (an affiliate of Elliott Investment Management) for $16.5 billion. Vista plans to combine Citrix with Tibco, which it acquired in 2014 for $4.3 billion. The all-cash deal will include the assumption of Citrix’s debt, the companies say. The deal comes after a long period of speculation over the company — Citrix has been looking at strategic options for at least the last five months — which culminated in the last month with reports that Vista and Elliott, with the most recent speculation being that they would acquire the company for $13 billion.