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16 May 2017 By Robert Cyran Follow @rob_cyran

Private equity has tons of cash and loves software. So targeting the $13 bln remote-desktop-access company seems smart. Yet activist Elliott’s push for cuts and new execs has already paid off. Making Citrix an acquisition machine may mark a return to an inglorious past.

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Private-equity firms Bain Capital, Carlyle Group and Thoma Bravo are among the bidders for Citrix Systems, according to a Bloomberg article on May 3. The enterprise-software company, which has a market capitalization of $13.1 billion, hired Goldman Sachs to explore a possible sale.

In July 2015, Citrix gave a seat on its board of directors to Elliott Management and appointed another member mutually acceptable to both the company and the 7.5 percent stakeholder. Elliott agreed to a one-year standstill at the time.

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