Incredible how anyone in the elt can still be there who participated in that fiasco. Two plus billion gone and for what?
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CTXS debt x2 this year. Debt to equity ratio is like 830% now.
https://simplywall.st/stocks/us/software/nasdaq-ctxs/citrix-systems
Just curious if anyone aware of any connection between Vista equity and Elliot (or subsidiary)? Seems like Evergreen has financed Vista deals in past. I read Wrike was all cash, board approved, etc. Wrike and it’s investors transferred all their debt to Citrix. Was product synergy really the goal here?
Seems like Wrike acquisition was made so Citrix ELT can flex some muscles in the market after "successfull" 2020. They went in the market, put the filters for saas companies around $2B and got Wrike.
Everyone at Citrix was confused by the Wrike acquisition from the start, I've never been a part of a company with such pi-s poor leadership and vision from the top all the way down to the product/r&d teams who seem to have been vastly under resourced for at least the past 10 years and can't see beyond what is right in front of them. Before Wrike and Sapho, it was Cedexis, the company they spent 300 million on, made no effort to integrate at all, I mean absolutely ZERO, then less then 18 months later they fired everyone and sent the whole thing out to pasture. Citrix has lost the ability to innovate and integrate, and senior leadership still don't understand why it's not working.
Everyone in Wrike will be layedoff unless they can eject the company.
Goodbye you stupid waste of time and money
It's been clear from the start they had not a clue what to do with Wrike. I was heavily involved in the "Microapps" stuff (lol) and whilst that was clearly a case of sunk cost fallacy, at least people _knew_ what was going on there. The most I ever heard about Wrike were the odd mention of "oh the Wrike integration is delayed", but I have only ever seen the product installed into my copy of Outlook by Citrix. Entirely different universe to the fact there _was_ a vision with Sapho, even if it ultimately didn't pan out.
The Wrike deal was really an id--tic move. How does Wrike fit the Citrix model? Even worse, this was the worst planned integration I have ever heard of. There still is no plan on how Wrike will integrate with Citrix. At this point they should just admit they made a mistake and sell Wrike off. Cut their losses and move on. I don't understand how you spend 2 Billion dollars on a company and have no clear plan on how you will go to market? How will you integrate it to the core business? How do you sell it? None of this was put in place and contributed to the overall decline of Citrix.
Bad Decisions by the ELT leading to this:
Stock Price Before Wrike - 127.06
Stock Price Today - 87.16
39 point down turn in 11 months.
SMH - All you need to know!!!
I am not a genius.. but cmon, any id--t should know that Wrike does not fit into the Citrix business model. Who on earth convinced Citrix to buy Wrike? Seems like some dodgy deal was done, in the backrooms?? It's impossible otherwise to think that Wrike and Citrix is a good fit.. There should be a full audit of how this happend.
Not only that they are still there but the ones who left got millions while us little guys got no bonus this year with the "AMAZING" last year. Freaken joke.
And everyone in Corp Dev that failed doing a proper evaluation and pushed a Wrike deal when it was painfully obvious to everyone else it just doesn't fit.