Software company Citrix Systems announced it had agreed to be taken private for US$16.5 billion, including debt, by affiliates of Elliott Management and Vista Equity Partners, reported Reuters.
“Today’s announcement is the culmination of a strategic review process conducted over five months, including extensive outreach to both potential financial and strategic buyers,” interim CEO Bob Calderoni said in a statement.
The company, which provides remote work solutions and networking software to businesses and according to its website, counts 98% of Fortune 500 firms as its customers.
But it failed to capitalize on the rise of virtual working during the COVID-19 pandemic as it spent too much on its salesforce and too little on its distribution partners.
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