Founded in Richardson, Texas, in 1989 by former IBM developer Ed Iacobucci, Citrix began as a pioneer in virtualization and remote access technology. Over the decades, Citrix has grown into a global leader in digital workspace and cloud services, evolving through significant market transitions, multiple acquisitions, and notable partnerships.
Today, Citrix operates under the Cloud Software Group, following its $16.5 billion acquisition by Vista Equity Partners and Evergreen Coast Capital in 2022. This change, coupled with its 2024 strategic partnership with Microsoft, positions Citrix at the forefront of enterprise virtualization, cloud, and secure digital workspace solutions. Citrix’s comprehensive portfolio now spans virtualization, cloud computing, networking, and software as a service (SaaS), all supported by a robust history of technological innovation and strategic investments.
Here, we explore Citrix's history, its product offerings, and its strategy for the future of digital workspaces.
The company offers services for virtualization, storage, networking, software as a service, and cloud computing, and has a remarkably varied history with multiple acquisitions, financial highs, and stock market lows.
A brief history of Citrix
Founded: 1989 by Ed Iacobucci
Headquarters: Fort Lauderdale, Florida, USA
Employees: Approximately 9,000 as of 2023
Revenue: $3.31 billion in 2022 (prior to going private)
Citrix traces its roots back to 1989, when IBM developer Ed Iacobucci founded Citra in Richardson, Texas. After a trademark dispute, the fledgling company was renamed Citrix, merging "Citra" with "UNIX" to reflect its focus on UNIX-based technology.
Early on, Citrix established a pivotal partnership with Microsoft, licensing its code to develop remote access tools for Microsoft’s operating systems. This partnership was instrumental in Citrix's growth and remains a foundational relationship in its strategy today.
In the 1990s, Citrix became a leader in thin client technology, offering remote access to servers and resources through specialized devices. The company went public in 1995, and revenue surged as it capitalized on the growing demand for remote work solutions. Citrix expanded its capabilities through strategic acquisitions, including ExpertCity, which brought in remote desktop solutions, and Sequoia Software, enhancing its server and desktop virtualization offerings.
In recent years, Citrix has focused on transformation through significant investments and acquisitions. In 2022, private equity firms Vista Equity Partners and Evergreen Coast Capital acquired Citrix for $16.5 billion. Citrix then merged with TIBCO Software, creating the Cloud Software Group, which now manages Citrix’s extensive portfolio of digital workspace, virtualization, and cloud solutions.
What does Citrix sell?
Citrix built its name as a leader in virtualization, providing solutions that allow businesses to create virtual versions of hardware, operating systems, storage, networks and more. Flagship offerings like Citrix Virtual Apps and Desktops give IT control over virtual machines, apps, licensing, and security, while enabling anywhere access.
The company expanded into networking, delivering products like Citrix Web App Firewall, Citrix Gateway, Citrix Application Delivery Management, Citrix SD-WAN. These tools ensure reliable, secure application and data access across networks and clouds, whether in a data centre, branch office or on mobile.
Citrix transitioned some of its virtualization strengths into the cloud, providing software-as-a-service tools like Citrix DaaS that enable simplified management of secure cloud desktops and apps.
The company also offers cloud computing capabilities through Citrix Cloud, a platform that connects resources across chosen on-prem, public cloud, or hybrid environments.
On the workspace side, Citrix Workspace app and digital workspace solutions aim to deliver unified access to apps, desktops, and content from any device. Content Collaboration is Citrix's file sync and sharing product, helping businesses share content on-premise and in the cloud with other collaborators such as colleagues and clients.
Citrix has also ventured into providing secure access service edge (SASE) solutions, which integrate networking and security functions in the cloud to support secure access needs across an increasingly distributed workforce. Citrix Secure Internet Access and Citrix Secure Workspace Access are part of this portfolio, offering secure, high-performance access to applications and data regardless of where they are hosted.
To bolster its secure workspace solutions, Citrix integrates advanced analytics through offerings like Citrix Analytics for Security, which proactively identifies and addresses threats and performance issues before they escalate. This solution aggregates data from across the Citrix ecosystem, generating actionable insights that empower administrators to manage user and application security effectively.
Citrix M&A activity
Citrix's acquisition journey began in the early 2000s, making strategic deals like the purchase of ExpertCity in 2003 to expand its remote desktop capabilities.
Over the following decades, Citrix continued growing through acquisitions that complemented its product line or opened new markets. A 2014 deal for Framehawk boosted its virtual desktop and app delivery over wireless networks.
In 2017, Citrix made the notable decision to acquire Unidesk to enhance its application layering technology for virtual desktop environments (VDI). This acquisition was key to strengthening Citrix’s VDI offerings by simplifying the management and deployment of applications across virtual desktops, further solidifying its market position.
One of the more significant acquisitions in recent years was the purchase of Wrike in 2021 for $2.25 billion. Wrike, a work management platform, competed with popular workplace collaboration tools like Asana. This acquisition marked Citrix's largest at the time and aimed to enhance its product portfolio by integrating comprehensive work management and collaboration capabilities.
The company's biggest deal in its history came in 2022, when private equity firms Vista Equity Partners and Evergreen Coast Capital acquired Citrix for $16.5 billion. This acquisition underscored Citrix's immense value and set the stage for its next evolution under the newly formed Cloud Software Group. This move was a strategic pivot, providing Citrix with substantial backing to innovate and expand within the cloud computing and virtualization markets.
In April 2024, Cloud Software Group and Microsoft entered an eight-year strategic partnership to enhance joint cloud solutions and generative AI for over 100 million users. This collaboration is designed to bolster Citrix's virtual application and desktop platform, integrate new AI capabilities, and promote Citrix as the preferred Microsoft Global Azure Partner for Enterprise Desktop as a Service. Additionally, Cloud Software Group will invest $1.65 billion in Microsoft's cloud and AI technologies. The partnership aims to simplify licensing, accelerate R&D, and improve productivity through the use of Microsoft 365 and Azure services.
With its robust technology and significant market presence, now supported by major investment from the Cloud Software Group, Citrix is well-positioned to continue its leadership role in cloud computing, virtualization, and beyond, driving innovation and growth in these critical technology sectors.
Key people at Citrix
Strategic direction at Citrix is driven by a seasoned leadership team. At the helm is Sridhar Mullapudi, serving as general manager, responsible for guiding the company's vision and product integration.
Overseeing product development and technical innovation is Jitendra Deshpande, senior vice president and head of engineering.
Leading Citrix's financial operations, budgeting, and planning is Roger Rees, senior director of finance.
At the parent company level, Cloud Software Group's corporate strategy and vision are directed by Tom Krause, who serves as CEO.
Managing financial planning, risk management, and reporting for the group is Tom Berquist, chief financial officer.
What can customers expect from doing business with Citrix?
Citrix has firmly established itself as a leader in digital workspace technology, offering a comprehensive portfolio of products that span virtual desktop infrastructure (VDI), desktop as a service (DaaS), and integrated digital workspace platforms, all designed to facilitate seamless access to applications and data across diverse devices and networks.
Recognizing the pivotal role of partnerships in delivering these solutions, Citrix has developed various partner programs to equip collaborators with the necessary tools, training, and resources. These initiatives are tailored to deepen customer relationships and drive mutual growth. For example, the Citrix Fusion Resell program offers financial incentives, sales and marketing tools, and access to expert insights, enabling partners to effectively manage customer lifecycles and expand their business opportunities.
Additionally, the Citrix Fusion Service Provider program supports partners in delivering Citrix-based services on a rental, subscription, or services basis, helping them transform how customers work and generate new, longer-term opportunities.
By focusing on innovative and secure workspaces and nurturing strategic partnerships, Citrix continues to be a key enabler of digital transformation for modern enterprises.
