Citrix has confirmed reports from earlier this week that it is buying enterprise-focused work management platform Wrike, in an all-cash deal worth $2.25 billion.
Founded in 2006, San Jose-based Wrike is a project management platform sold to businesses through a software-as-a-service (SaaS) model, allowing teams to monitor and track projects, workflows, deadlines, and more. The company, which claims some notable customers, including Google, Dell, Snowflake, Okta, and Airbnb, had raised some $26 million in external funding, but it was later acquired by Vista Equity Partners in 2018 for an undisclosed amount.
Citrix, a 30-year-old publicly-traded software company based in Santa Clara, provides myriad tools spanning cloud computing, servers, networking, and more. Among these is Citrix Workspace, a virtualization platform that allows enterprises to deploy apps and desktops remotely. And it seems, this is where Wrike will be housed, allowing Citrix to offer cloud-based collaborative work management tools, which is particularly pertinent at a time when remote work has become the norm for millions of people.
Other players operating in Wrike’s space include Asana, which went public just a few months ago with its shares now soaring, claiming a current market cap of more than $6 billion.
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