Printer Friendly

Citrix Completes Acquisition of Sequoia; Marvin Adams to Join Citrix Board.

Business Editors


Citrix Systems, Inc. (Nasdaq:CTXS), a global leader in application server software and services, today announced the completion of its acquisition of Sequoia Software Corporation, a leading provider of XML-based portal software.

Citrix also announced today that Marvin Adams, vice president and chief information officer for Ford Motor Company, has joined Citrix's board of directors. Adams previously served as a director for Sequoia Software Corporation.

Mark Templeton, president of Citrix, said the acquisition positions Citrix to deliver a more complete application services platform - one that gives users secure access to any information source, business process or application, whether it's a Web, Windows(R) or UNIX(R) application.

"Our customers asked us to extend the capabilities of Citrix NFuse application portal and MetaFrame, our application serving software, to include Web content, Web applications and Web services," he said. "We now have a robust suite of XML-based products and technologies to be able to give our customers exactly what they've asked for - the ability to easily use any device to find and get connected to any information from anywhere."

Citrix acquired Sequoia in an all-cash transaction, structured as a $5.64 per share tender offer followed by a merger, valued at $184.6 million in the aggregate. Under terms of the acquisition, originally announced March 21, 2001, Citrix will integrate Sequoia along functional lines. Mark Wesker, Sequoia's founder and president, will join Citrix in Fort Lauderdale as vice president of Internet strategy. Rick Faint, Sequoia's chief executive officer, will remain in Columbia, Maryland and oversee the integration effort.

Templeton said the two company's products, personnel and sales models greatly complement each other, and will help Citrix execute on one of its key strategies of expanding application serving within the enterprise. "Customers can now look to our systems integrators and channel partners for two key pieces of their strategic applications platform," he said.

Templeton added that mid-market customers, already well served by the reseller channel, will benefit from the creation of new products based on the same technologies.

Citrix will schedule a conference call in mid-May to discuss the financial outlook in connection with the acquisition.

As a result of the merger between Sequoia and a wholly owned subsidiary of Citrix, Sequoia is now a wholly owned subsidiary of Citrix. Citrix intends to promptly file a Form 15 with the Securities and Exchange Commission, which will terminate the registration of Sequoia's common stock and suspend Sequoia's reporting obligations under the Securities and Exchange Act of 1934.

About Citrix

Citrix Systems, Inc. is a global leader in application serving software and services that extend the virtual workplace everywhere by providing secure, reliable access to applications and information, and a consistent user experience, on any device or network connection. Citrix solutions enable organizations of all types to deliver business applications to users with greater manageability, flexibility and cost-effectiveness. The company's products, including Citrix(R) MetaFrame(TM) application server software, Citrix NFuse(TM) application portal software and Citrix Independent Computing Architecture (ICA(R)), a core application serving technology, have been widely adopted by the corporate mainstream to achieve key business goals. Headquartered in Fort Lauderdale, Fla., Citrix markets its solutions worldwide through value-added resellers, system integrators, consulting firms and OEM licensees. Citrix is traded on The Nasdaq Stock Market(SM) under the symbol CTXS and is part of the Standard & Poor's 500 Index. For more information, please visit the Citrix Web site at

For Citrix Investors

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future financial performance, management's plans and objectives for future operations, product plans and performance, management's assessment of market factors, as well as statements regarding the strategy and plans of the company and its strategic partners, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, including, without limitation, risks associated with the following: the success of the company's MetaFrame product line and the acceptance of the company's ICA protocol; the company's ability to develop and commercialize new products and services; the company's success in expanding into new geographic markets, the company's ability to expand its core business in large enterprise accounts, the company's ability to succeed in the transition to a paper/electronic licensing model; the size, timing and recognition of revenue from significant orders; increased competition, including potential competition from Microsoft and other companies; the results of the company's iBusiness and other new licensing programs; the rate of growth of the ASP market; and the company's ability to continue to develop and market products to meet the requirements of this market; the proportion of revenues devised from distributors, OEMs and other channels; changes in the company's pricing policies or those of its competitors, including Microsoft; the costs of developing, acquiring, or integrating new technologies or enhancements to existing products; the company's reliance upon its strategic relationships with Microsoft and other strategic partners; management of growth; the possibility of undetected software errors; dependence on proprietary technology; risks that the company's branding campaign will not enhance the company's business or results in the manner anticipated; risks associated with the company's hedging programs; as well as risks of downturns in economic conditions generally, and in the software industry specifically; and risks associated with competition and competitive pricing pressures and other risks detailed in the company's filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information in this press release or with respect to the announcements described herein.

Note to Editors:

Citrix(R), ICA(R), MetaFrame(TM)and NFuse(TM)are registered trademarks or trademarks of Citrix Systems, Inc. in the U.S. and other countries. All other trademarks and registered trademarks are property of their respective owners.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:May 1, 2001
Previous Article:Axys Pharmaceuticals, Inc. to Release / Webcast First Quarter 2001 Financial Results Monday, May 7, 2001.
Next Article:Canon U.S.A. Announces imageRUNNER 8500 Availability; First Segment 5 Digital Engine Delivers Breakthrough Price/Performance.

Related Articles
Bank One CIO Joins Sequoia Software Board.
Citrix and Sequoia Ink NFuse Licensing Deal.
Citrix Announces Expiration of Hart-Scott-Rodino Waiting Period Regarding Sequoia Acquisition.
Citrix Wins XChange Xcellence Award for ``Best Web Program/Strategy;'' Chosen by Attendees of CMP Cyber XChange Conference.
Citrix XPS Portal Software to Leverage SharePoint Portal Server; Companies to Benefit from Improved User Productivity.
Credit Suisse Selects Citrix MetaFrame to Deliver Assets Allocation Software.
Mediapps and Citrix Align to Address European Enterprise Information Portal Market.
Citrix and SiteScape Form Alliance to Give XPS Portal Customers Enhanced Collaboration Capabilities.
Citrix and Entrust Team Up to Enable Enhanced Security for Remote Access and Server-Based Applications.
Citrix Joins Interwoven's PortalReady Program to Provide Enterprise Content Infrastructure Services to Portal Customers.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters