Citrix, which had attracted the interest of private equity investors before it agreed in July to give Elliott a seat on its board of directors, is having new conversations with buyout firms, the people said this week.
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Citrix announced in July it would explore strategic alternatives for its GoTo family of products, including videoconferencing and desktop sharing service GoToMeeting.
Citrix is reportedly trying to sell for the last time, before being forced to sell its individual assets, reports have revealed.
If Citrix cannot find itself a deal for the entire company at the right price, it will not just start selling its GoTo products, but will explore options for other asset sales as well.
Faced with the choice of carving off its flesh pound-by-pound at Elliott’s behest, the US$11.6 billion company would rather find a new owner for the whole kit-and-caboodle, a Reuters report says. It also reported that Citrix, Dell and Silver Lake have declined to comment on the matter.
“I could see the value where Dell could use Citrix as a way to offer more software and services”, said Patrick Mulvee, a partner at Sidepath, a Laguna Hills, Calif.-based solution provider and Dell channel partner.
Essentially, for a number of reasons including pressure from the hedge fund activist investor Elliot Management, Citrix is looking to sell the company outright and is actively seeking suitors. Citrix also said it would start a search for an independent board member, mutually agreeable to Citrix and Elliott. But Citrix seems to have resisted that, signing a cooperation agreement with Elliott Management around the same time as Mark Templeton quit his role as the company’s CEO.
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Citrix moved into the Triangle in 2011 when it acquired Raleigh-based ShareFile for $54 million.
