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Vista Equity Partners and Evergreen Coast Capital Announce Appointment of Tom Krause as CEO of Combined Company of Citrix Systems and TIBCO Software Upon Closing
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Citrix announces the appointment of Tom Krause as CEO following the upcoming merger with TIBCO. With over 20 years in the software industry, Krause previously led the Broadcom Software Group. The merger is expected to close in Q3 2022, pending regulatory approvals. This combination will form one of the largest software providers globally, serving over 400,000 customers and over 100 million users. The leadership transition aims to enhance innovation and drive growth in digital transformation.
Positive
Appointment of experienced CEO Tom Krause expected to strengthen leadership.
Merger with TIBCO is projected to create one of the world's largest software providers.
Negative
Regulatory approvals pending which could delay merger completion.
Potential risks related to retaining key personnel during the merger process.
Mr. Krause brings 20 years of experience leading and building software and technology companies
Combination of Citrix and TIBCO expected to close in Q3 2022, in conjunction with previously announced acquisition of Citrix by Vista and Evergreen
AUSTIN, Texas, & MENLO PARK, Calif.--(BUSINESS WIRE)--
Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses (“Vista”), and Evergreen Coast Capital Corp. (“Evergreen”), an affiliate of Elliott Investment Management L.P. (together with its affiliates, collectively, “Elliott”), today announced that, upon the closing of the previously announced combination of Citrix Systems, Inc. (NASDAQ: CTXS) (“Citrix”) and TIBCO Software (“TIBCO”), Tom Krause will assume the role of CEO of the combined company.
The previously announced acquisition of Citrix by Vista and Evergreen is subject to receipt of remaining regulatory approvals and is expected to close in Q3 2022, in line with the previously announced timeline. The combination of Citrix and TIBCO will create one of the world’s largest software providers, which has served over 400,000 customers since Citrix and TIBCO were founded, with over 100 million users in over 100 countries as of December 31, 2021.
Mr. Krause brings more than 20 years of experience leading, building and positioning software and technology companies for growth and long-term success. Mr. Krause previously served as an executive officer of Broadcom Inc. He most recently was responsible for forming and leading the Broadcom Software Group as President, before which he was CFO of Broadcom Inc. During his tenure, he drove the acceleration of innovation and the building of a comprehensive portfolio of industry-leading business-critical software that modernized, optimized and protected the world’s most complex hybrid IT environments.
John Stalder, Managing Director at Vista, said: "We have the highest confidence in Tom’s ability to lead the combined teams of Citrix and TIBCO. Their employees, customers and partners will all benefit from his experience, as the combined company looks to continue to innovate and deliver market-leading solutions globally. We thank Bob and Dan for their enormous contributions over the years, which have allowed Citrix and TIBCO to be in the strongest possible position as they prepare to join together.”
David Kerko, Head of North American Private Equity at Elliott, and Isaac Kim, Senior Managing Director at Evergreen, said: “Tom is the right leader for the combined company, bringing decades of deep industry experience and an unparalleled track record of building companies and setting them up for sustainable growth and value creation. We are strong believers in the combination and the opportunity to become an increasingly strategic partner to customers.”
Mr. Krause said: “Citrix and TIBCO are pioneers in their respective markets, and I am honored to take the helm of a global enterprise software leader that will continue to accelerate digital transformations and the future of hybrid work. I thank Vista and Evergreen for their confidence as I step into this role, and I am excited to partner with the leadership teams and talented employees from Citrix and TIBCO around the world to drive growth and ensure a successful path forward for the combined company.”
Bob Calderoni, Chair of the Citrix Board of Directors and Interim CEO and President, said: “I am incredibly impressed with Citrix’s continued leadership in the fast-growing DaaS market and the momentum we’ve built on our cloud transformation. I am confident and excited to see how the combined company will accelerate innovation and growth as a private company under Tom’s leadership and help our customers empower secure hybrid work.”
Dan Streetman, CEO of TIBCO, said: “I couldn't be more proud of what our team has accomplished at TIBCO, building a global leader in real-time enterprise data during a time of accelerating disruption around the nature of work. As I pass the baton to Tom upon the completion of the transaction, I know the future is bright. I’m excited to work with him as we prepare for the combination of these two great companies.”
Dan Streetman will continue to serve as TIBCO CEO, and Bob Calderoni will continue to serve as Citrix Interim CEO and President, until the completion of the combination of Citrix and TIBCO.
About Tom Krause
Tom Krause most recently served as President of the Broadcom Software Group, overseeing the company’s six software divisions as well as software sales, customer support and software operations. Mr. Krause previously served as Chief Financial Officer at Broadcom Inc. from October 2016 to December 2020, where he was responsible for all financial functions, mergers and acquisitions, information technology, human resources and investor relations. He joined the company as Vice President of Corporate Development in January 2012. Prior to joining, Mr. Krause ran his own financial advisory firm where he represented several public and private technology companies. Prior to this, he served as Vice President of Business Development at Techwell, a mixed-signal fabless semiconductor company that went public in 2006 and was acquired by Intersil in 2010. Additionally, he has had roles with Technology Crossover Ventures and Robertson Stephens. Mr. Krause received a B.A. in Economics from Princeton University.
About Vista Equity Partners
Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista's investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.
About Elliott and Evergreen
Elliott Investment Management L.P. manages approximately $51.5 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Evergreen Coast Capital Corp. is Elliott’s Menlo Park affiliate, which focuses on technology investing.
About Citrix
Citrix (NASDAQ: CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments.
About TIBCO
TIBCO Software Inc. unlocks the potential of real-time data for making faster, smarter decisions. Our Connected Intelligence platform seamlessly connects any application or data source; intelligently unifies data for greater access, trust, and control; and confidently predicts outcomes in real time and at scale. Learn how solutions to our customers’ most critical business challenges are made possible by TIBCO at www.tibco.com.
Safe Harbor for Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “predicts,” “plans,” “expects,” “anticipates,” “believes,” “goal,” “target,” “estimate,” “potential,” “may,” “might,” “could,” “see,” “seek,” “forecast,” and similar words. Forward-looking statements are based on Citrix’s current plans and expectations and involve risks and uncertainties which are, in many instances, beyond Citrix’s control, and which could cause actual results to differ materially from those included in or contemplated or implied by the forward-looking statements. Such risks and uncertainties include, among others: (i) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (ii) the failure to obtain certain required regulatory approvals to the completion of the proposed Merger or the failure to satisfy any of the other conditions to the completion of the proposed Merger; (iii) any difficulties of Vista or Elliott in financing the Merger as a result of uncertainty or adverse developments in the debt or equity capital markets or otherwise; (iv) the effect of the announcement of the proposed Merger on the ability of Citrix to retain and hire key personnel and maintain relationships with its key business partners and customers, and others with whom it does business, or on its operating results and businesses generally; (v) the response of competitors to the proposed Merger; (vi) risks associated with the disruption of management’s attention from ongoing business operations due to the proposed Merger; (vii) the ability to meet expectations regarding the timing and completion of the proposed Merger; (viii) significant costs associated with the proposed Merger; (ix) potential litigation relating to the proposed Merger; (x) restrictions during the pendency of the proposed Merger that may impact Citrix’s ability to pursue certain business opportunities; and (xi) the other risks, uncertainties and factors detailed in Citrix’s filings with the SEC, including in its Annual Report on Form 10-K, filed February 16, 2022. As a result of such risks, uncertainties and factors, Citrix’s actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Citrix is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
