News & Analysis

Vista Equity Partners and Elliott Management have agreed to acquire workplace SaaS company Citrix for $16.5 billion, marking the third-largest SaaS take-private deal on record by private equity.

The Citrix deal illustrates PE's continuing investment in the evolving employment ecosystem, as many employers make a permanent shift to remote work. It comes a week after Vista invested $200 million in software-focused employment specialist Globalization Partners at a $4.2 billion valuation.

Under the agreement, Vista and Elliott—through its private equity arm Evergreen Coast Capital—will pay $104 a share in cash for the virtual-workspace software provider.

Following the completion of the takeover, Vista and Elliott plan to merge Citrix with TIBCO Software, a Palo Alto-based developer of integration and analytics software that Vista acquired for $4.3 billion in 2014. Elliott has backed Citrix since 2015.

Here's a look at the 10 largest private equity take-private deals on record involving SaaS companies:  

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