Citrix Systems has laid off about 50 employees from its Raleigh, North Carolina offices amid a recent CEO change, chief product officer departure, up to $240 million in restructuring charges, and speculation about a potential software company sale.
The restructuring details surfaced in an SEC filing. The disclosure mentioned that Chief Product Officer PJ Hough no longer in that role though he remains an advisor to the CEO, effective November 15. The layoffs and restructuring plan surface roughly one month after former Citrix CEO David Henshall exited the company, and two months after reports that Citrix could be up for sale.
Chairman Bob Calderoni has been running Citrix as interim CEO and president since October 2021. Among the challenges Calderoni must address: The company’s desktop as a service (DaaS) and virtual desktop infrastructure (VDI) are under pressure from public clouds such as Microsoft Azure, Amazon Web Services and Google Cloud Platform.
So, who could potentially step up to acquire Citrix Systems — if a deal surfaces? The obvious answer involves private equity companies — many of which are quite familiar with Citrix and its offspring. For instance, Francisco Partners and Evergreen Coast Capital now own LogMeIn — which had swallowed such Citrix brands as GoToConnect and GoToMeeting ahead of the September 2020 private equity deal.
Potential Citrix buyers could also include private equity firms Bain Capital and/or Thoma Bravo, though valuation is a hurdle, Bloomberg suggests.