Vista Equity Partners and Evergreen Coast Capital Corporation have entered into a definitive agreement to acquire digital workplace solutions provider Citrix in an all-cash transaction valued at $16.5 billion.

Vista and Evergreen intend to combine Citrix and TIBCO Software, one of Vista’s portfolio companies. TIBCO provides enterprise data management, which helps organizations connect, unify and predict business outcomes. Citrix offers a secure digital workspace and application delivery suite. TIBCO provides real-time intelligent data and analytics capabilities to help navigate the hybrid workplace.

The deal comes a little more than a year after Citrix acquired collaborative work management space provider Wrike, which was a Vista Equity Partners portfolio company. Wrike is now back under the Vista umbrella. Citrix Systems acquired Wrike for $2.25 billion in cash.

Company officials said the providers (Citrix and TIBCO) will combine 400,000 customers, including 98% of the Fortune 500, with 100 million users in 100 countries. The combined offering will also provide infrastructure for enterprise application and desktop delivery and data management to advance hybrid cloud IT strategies.

“Together with TIBCO, we will be able to operate with greater scale and provide a larger customer base with a broader range of solutions to accelerate their digital transformations and enable them to deliver the future of hybrid work," Bob Calderoni, chair of the Citrix board of directors and interim Chief Executive Officer and President, said in a press release. "As a private company, we will have increased financial and strategic flexibility to invest in high-growth opportunities, such as DaaS (Desktop-as-a-Service), and accelerate its ongoing cloud transition."

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The transaction has been unanimously approved by the members of the Citrix board of directors and is expected to close mid-year. It is subject to customary closing conditions, including approval by Citrix shareholders and receipt of regulatory approvals.

Citrix's last notable product updates came in October. It expanded its strategic partnership with Google Cloud, which included Citrix launching a new DaaS offering on the platform. The service will leverage Citrix’s management plane and HDX protocol to enable delivery of virtualized applications and desktops on Google Cloud. 

Citrix also announced the launch of Citrix Secure Private Access, a cloud-delivered, Zero-Trust Network Access (ZTNA) service that protects access to apps and data from managed, unmanaged and Bring-Your-Own (BYO) devices.

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