Bain, Carlyle, Thoma Bravo Are Among Bidders for Citrix

Updated on
  • Strategic corporate bidder also said to be suitor for company
  • Citrix has been working with Goldman Sachs on possible sale

Private equity firms Bain Capital, Carlyle Group LP and Thoma Bravo are among bidders for cloud-services company Citrix Systems Inc., people familiar with the matter said.

The buyout firms submitted bids last week, said the people, who asked not to be identified because they weren’t authorized to speak publicly. Citrix, which has a market value of about $12.3 billion, has also attracted interest from at least one strategic suitor, the people said. The name of the corporate bidders couldn’t immediately be learned.

No final decision has been made and Citrix may choose not to pursue a sale, the people said.

Shares of Ft. Lauderdale, Florida-based Citrix rose 6.7 percent to $86.75 in pre-market trading Wednesday.

Citrix is working with Goldman Sachs Group Inc. to seek potential suitors for the company, people familiar with the matter said in March. A full buyout by a private equity firm would be the largest since Apollo Global Management LLC acquired ADT Corp. in 2016 in a deal valued at $15 billion including debt, according to data compiled by Bloomberg.

Representatives for Carlyle, Goldman Sachs and Thoma Bravo declined to comment. Representatives of Bain and Citrix didn’t respond to emails seeking comment.

After reaching a standstill agreement with activist shareholder Elliott Management Corp. in 2015 and adding Elliott’s Jesse Cohn to its board, Citrix has undertaken strategic and operational reviews. Last July the company announced plans to spin off its GoTo business and merge it with LogMeIn Inc., in a $1.8 billion deal to combine the rival online meeting organizers.

— With assistance by Brian Womack

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