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March 14, 2017

Looks like Citrix is up for sale…again

Goldman Sachs has reportedly been recruited to handle negotiations.

By CBR Staff Writer

US cloud computing company Citrix Systems is once again exploring a potential sale of its business.

According to reports by Bloomberg and Reuters, the company has hired Goldman Sachs  to negotiate a possible deal.

Various private equity firms have recently considered buying Citrix but people familiar with the matter told Reuters that investors believe that a leveraged buyout would not be easily achieved or profitable.

However, private equity investment firm Thoma Bravo is reportedly still interested in acquiring Citrix.

The company provides a portfolio of Workspace-as-a-Service, application delivery, virtualisation, mobility, network delivery and file sharing solutions that allows IT to make sure critical systems are securely available to users through the cloud or on-premise.

The company’s annual revenue for 2016 stood at $3.42bn. Its solutions are utilised by over 400,000 organisations and over 100 million users globally.

It is not the first time the company has tried to find a buyer; in September 2015, the cloud company considered a sale, with some reports claiming Dell as a potential buyer.

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READ MORE: Sale to Dell? Citrix investors push for change – report

Last month, Citrix completed the spin-off and merger of its GoTo family of service offerings with LogMeIn.

The spin-off came after board member Elliot Management reportedly asked Citrix to reduce costs and sell several of its business units that are not performing well.

Citrix gave Elliot Management a seat on its board in the middle of 2015. Citrix said the spinoff will help the company to enhance its strategic focus and respective competitive positions, as well as improve operational efficiency.

For the fiscal year ending 31 December 2017, Citrix expects to achieve revenue growth of 4% to 5%.

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