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Citrix Acquired Podio For $53 Million
It’s not every day that a multi-million dollar tech purchase goes under the radar but these days with so much going on with the major players, anything is possible. But that doesn’t mean that a big sale cannot be reported after the fact and that is precisely what is happening with the acquisition of Podio by Citrix for $53 million.
Podio for the uninitiated is a Danish company which specialized in cloud-based collaboration and who until its sale was considered an emerging platform. To date Podio had raised around $4.6 million in funding and even though many companies in the sector start with a lot less than that, the amount isn’t considered ‘normal and potent’ for serious inroads into the space.
Nevertheless Citrix saw some potential in Podio and splashed out the $53 million that was necessary to seal the deal—though not all will be paid over in cash. Around $43.6 million will be cash with the balance in the form of Citrix stock.
The SEC filing for the deal detailed the inner workings of the deal and included among other things the actual month the deal closed. By all accounts things were wrapped up April and the paperwork to handle the deal cost Citrix around $0.6 million.
So now Podio is a part of Citrix and the founders of the company have made themselves a nice little income from the sale. Not bad for a deal that didn’t create the typical tech shockwaves.