Hey Global Investor, here’s what you need to know before the US markets open.
Market Snapshot 📈
S&P 500 (Friday’s Close) 3,768.25 −27.29 (0.72%)
NASDAQ (Friday’s Close) 12,998.50 −114.14 (0.87%)
FTSE 100 (5 PM IST) 6743.00 +22.35 (0.33)
NIFTY 50 (Today’s Close) 14,521.15 +239.85 (1.68%)
USDINR (5 PM IST) 73.14 (1 Year +2.95%)
Thinking about investing in US stocks, but have more questions?
Winvesta Founder & CEO, Swastik Nigam, will exchange views on the merits of investing in the US stocks, the regulations surrounding it, and how you can start investing today.
The “Future Of Work”?
Citrix is putting the finishing touches on a deal to acquire work-management platform Wrike for over $2B.
Background: Citrix Systems Inc. is synonymous with “thin client” technology. Its desktop virtualization and cloud computing solutions are deployed in 98% of the Fortune 500 companies. Founded in 1989 by Ed Iacobucci, the company pursued organic development and acquisitions as it positioned itself as an Infrastructure as a Service (IaaS) provider.
Activist investor Elliott Fund Management had taken a position in the company’s cap table in 2015. Spurred by Elliott, Citrix had replaced two CEOs, spun off GoToMeeting and its sister products, and embarked on top- and bottom-line improvements. By the time Elliott wrapped up at Citrix last year, the company’s stock price jumped almost 500%.
What is Happening? Covid-19 has already made remote working a globally accepted phenomenon. For its part, Citrix has been working on getting the pieces in place to enable remote collaboration of teams for its client organizations. To this end, the company is poised to finalize a $2B takeover of Wrike Inc., a work-management platform. Wrike, founded in 2006 by Andrew Filev, is majority-owned by private equity fund Vista Equity Partners.
This deal, when finalized, will be the largest acquisition in Citrix’s history. It would bring collaboration software and project management services under its ”Workspace” service.
Wrike’s rivals include Salesforce.com’s Slack, Atlassian’s Trello, and Asana. As each of these platforms jostles for dominance, Citrix has its work cut out if it is serious about redefining the “future of work” as we know it.
Market Reaction: Citrix stock is up 15% YTD. On Friday, CTXS was flat at $132.00. Before-hours, the stock is up 0.74%. The outcome of the negotiations with Vista is expected this week. Vista had invested $800M in Wrike in 2018.
Company Snapshot 📈
CTXS $132.00 +0.01 (+0.01%)
Analyst Rating (14 Ratings) BUY 43% HOLD 57% SELL 0%
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- Going Public: Intel Chairman Gears Up For $1B Health-Tech SPAC IPO (INTC -2.82%)
Later Today 🕒
- Before Market Open: Bank of America Corp Earnings (BAC)
- Before Market Open: Goldman Sachs Group Inc (GS)
- Netflix Inc Earnings (NFLX)
Fun Fact of The Day 🌞
The first pizza is thought to have been invented in Naples in the early 1500s
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