M&A Deal Summary

STG Acquires Wrike

On July 7, 2023, private equity firm STG acquired internet software and services company Wrike from Citrix

Acquisition Highlights
  • This is STG’s 9th transaction in the Internet Software and Services sector.
  • This is STG’s 46th transaction in the United States.
  • This is STG’s 13th transaction in California.

M&A Deal Summary

Date 2023-07-07
Target Wrike
Sector Internet Software and Services
Buyer(s) STG
Sellers(s) Citrix
Deal Type Divestiture
Advisor(s) Lazard (Financial)
Kirkland & Ellis (Legal)

Target

Wrike

San Diego, California, United States
Wrike provides a cloud-based collaborative work management platform that allows users to work within a single digital workspace. The Company’s platform integrates with numerous enterprise applications and enables teams, departments and whole organizations to plan, manage and collaborate on projects and tasks in real-time, resulting in more efficient processes and executive visibility. Wrike is based in San Diego, California.

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Buyer(S) 1

Buyer

STG

Menlo Park, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 12.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

STG is a private equity firm focused on making investments in software and services companies. STG looks to leverage operational expertise in helping its portfolio companies 'increase customer value' and grow. In addition to its focus within the software/services sectors, STG also has interest in healthcare, pharmaceuticals manufacturing, consumer packaged goods, retail, financial services, and communications. STG was formed in 2002 and is based in Menlo Park, California.


DEAL STATS #
Overall 61 of 67
Sector: Internet Software and Services M&A 9 of 11
Type: Divestiture M&A Deals 22 of 23
State: California M&A 13 of 13
Country: United States M&A 46 of 49
Year: 2023 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-22 Confience

Raleigh, North Carolina, United States

Confience is a software company that specializes in Laboratory Information Management Systems (LIMS). Confience products and services are widely used in end markets such as water and wastewater, environmental, and manufacturing, in which compliance with regulations and standards is critical. Confience was founded in 1994 and is based in Raleigh, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-09 Avid

Burlington, Massachusetts, United States

Avid is a provider of audio and video technology for media organizations and independent professionals. Company customers use Avid solutions to create, distribute, and monetize the most prestigious and award-winning films, videos, music recordings, TV shows, live concerts, and news broadcasts. Avid was founded in 1987 and is based in Burlington, Massachusetts.

Buy $1.4B

Seller(S) 1

SELLER

Citrix

Fort Lauderdale, Florida, United States

Category Company
Founded 1989
Sector Software
Revenue 3.2B USD (2020)
DESCRIPTION
Citrix System's corporate headquarters in Fort Lauderdale, Florida.
Citrix System's corporate headquarters in Fort Lauderdale, Florida.

Citrix develops and sells products and services that enable the secure and reliable delivery of applications and data over public, private, or hybrid clouds or networks, to virtually any type of device. The Company markets and licenses its products directly to customers, over the Web, and through systems integrators, or SIs, in addition, to indirectly through value-added resellers, or VARs, value-added distributors, or VADs, original equipment manufacturers, or OEMs and service providers. Citrix was established in 1989 and is based in Ft. Lauderdale, Florida.


DEAL STATS #
Overall 3 of 3
Sector: Internet Software and Services M&A 3 of 3
Type: Divestiture M&A Deals 2 of 2
State: California M&A 1 of 1
Country: United States M&A 3 of 3
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-19 Wrike

San Diego, California, United States

Wrike provides a cloud-based collaborative work management platform that allows users to work within a single digital workspace. The Company’s platform integrates with numerous enterprise applications and enables teams, departments and whole organizations to plan, manage and collaborate on projects and tasks in real-time, resulting in more efficient processes and executive visibility. Wrike is based in San Diego, California.

Buy $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-10 DeviceTrust

Darmstadt, Germany

DeviceTrust is a company specializing in real-time contextual access solutions for virtual desktop infrastructure and desktop as a service. DeviceTrust is based in Darmstadt, Germany.

Buy -