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Citrix Plans to Explore Sale of Wrike Unit After Buyout Closes

  • Proceeds will be used to help repay preferred equity financing
  • Job cuts of about 955 positions expected to follow the buyout

Private equity firms Vista Equity Partners and Elliott Investment Management plan to explore selling one of Citrix Systems Inc.’s businesses after they close on their buyout of the software company, to help repay relatively expensive financing. 

Citrix intends to look at selling Wrike, a startup that it acquired from Vista in 2021, after the buyout closes in late September. The timing was disclosed during a call on Thursday with potential loan investors. Citrix paid $2.25 billion for the project management company, and proceeds from a sale would help pay back $2.5 billion of preferred equity financing the buyout deal, people with knowledge of the call said, asking not to be named discussing a private transaction.