Merger activity remained steady last week with two new deals announced and five deals completed.
Founded in 1989 and headquartered in Fort Lauderdale, Florida, Citrix Systems (CTXS) is a multinational cloud computing and virtualization technology company. The company provides server, application and desktop virtualization, networking, software as a service (SaaS), and cloud computing technologies. Citrix began its operations by developing remote access products for Microsoft operating systems, licensing source code from Microsoft, and has had a long-standing partnership with the company.
The products offered by Citrix were extensively relied upon during the pandemic as businesses sought options to keep remote workforces connected to their central operations. The company, however, fell deeply out of favor last year.
(Source: Citrix website)
We added Citrix as a potential deal in the works on September 15, 2021, when Bloomberg reported that the company was working with advisers and was weighing whether to sell itself, after experiencing a sharp drop in its share price last year. The price of Citrix at the time of this announcement was $112.47. Citrix previously tried to sell itself in 2017, with private equity firms Bain Capital, Carlyle Group and Thoma Bravo as potential bidders at that time.