Vista Equity Partners and Evergreen Coast Capital Corp. announced that, upon the closing of the previously announced combination of Citrix Systems, Inc. and TIBCO Software, 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.
