TORONTO – Kansai Halifax Holdings has released a report on the recent Citrix Systems acquisition, as the technology giant reveals that it has entered into a definitive agreement to purchase Slack competitor Wrike for $2.25 billion, its largest acquisition to date.
“The deal which is expected to be funded with a combination of new debt and existing cash and investments is a quarter of a billion higher than initially rumoured,” commented Michael Taylor, Director of Capital Markets at Kansai Halifax Holdings.
Citrix verified the news today, confirming the merger along with its reported fourth-quarter earnings.
David Henshall, president and CEO of Citrix, announced that “together, Citrix and Wrike will deliver the solutions needed to power a cloud-delivered digital workspace experience that enables teams to securely access the resources and tools they need to collaborate and get work done in the most efficient and effective way possible across any channel, device or location.”
Secure work-collaboration software has grown in popularity as businesses have increasingly relied on remote work since the coronavirus pandemic’s onset. The trend has fueled growth at Wrike and its rivals including Asana Inc., Atlassian Corp.’s Trello and Slack Technologies Inc.
“The Wrike acquisition should accelerate the growth of Citrix’s SaaS ARR. This year, Wrike expects to see 30% standalone growth of between $180 million and $190 million in SaaS ARR1, with the chance to increase production over time under Citrix,” commented Jonathan Scott, Director of EMEA Wealth Management at Kansai Halifax Holdings.
Citrix also revealed that it had secured a commitment from JPMorgan Chase Bank, N.A. for a $1.45 billion senior unsecured 364-day bridge loan facility, according to researchers at Kansai Halifax Holdings.
The deal is scheduled to complete in the first half of 2021. Until then, the companies will continue to operate independently.
Headquartered in Japan, Kansai Halifax Holdings is one of Asia’s leading wealth management companies, entrusted to manage over $6.45 billion in client investment capital.
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