Citrix has confirmed its plans for the acquisition of SaaS project management player Wrike, paying $2.25 billion for the same. It acquired the company from Vista Equity Partners which purchased Citrix around two years earlier. Citrix is already known for top-notch digital workspaces and sees this deal as a good fit, particularly when employees are working from home due to the ongoing pandemic. The President and CEO at Citrix, David Henshall, stated that Wrike and Citrix will ensure quality solutions for backing cloud-based digital workspace systems for helping teams get the tools and resources that they desire, enabling secure access to tools and sources for collaborations. This helps accomplish work in a highly effective and efficient manner. It can also be done throughout devices, channels, and locations.
Wrike CEO & Founder, Andrew Filev, stated that the company is in a good place with the purchase of Citrix. He feels that it can now scale its product offerings while accelerating its blueprint for the delivery of abilities to help users derive more value from the investment. He also stated that the company has always tuned into consumer feedback, having built its products on the basis of the same as well. Hence, it can now do a lot more in a quicker time, as per his statement. The ARR figures stand at $140 million, with 30% annual growth, although Wrike is anticipating somewhere around $180-190 million this year itself. The sales price of the company could look comparatively affordable if these figures are achieved within a few years. Vista could have snagged a profitable deal according to estimates. Wrike raised only $26 million earlier.