anyone surprised by the downfall, for years leadership just let their best ERMS just move around money.
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I remember recycling renewals back in 2012 when Trade Up to XenDesktop Program was released. I thought it would have been game over for Citrix years ago but here we are.
Recycling renewals until death with complex license and broken services? Is this Citrix, or the SAS Institute you're describing? Perhaps both.
"There is still a bright future but not out of the woods yet by a long shot."
Define 'bright future' for all of us who wonder what you (id--t savant) see that we don't.
"I do not buy any of the doom and gloom however to the extent being described."
Reach out to the folks at Bank of America and ask them to explain the CEO/CFO fraud to you. They're currently trying to claw back some of their financial losses due to the misrepresentation of the remaining asset value. Frankly, they bare some of the blame for not performing the appropriate due diligence on this flawed deal. It's obvious ineptitude.
"The company was sold severely undervalued, sorry."
You really think so? Why?
From a NetScaler perspective, the big issue will start in January or so when pooled license deals start to come up for renewal. We were forced to drop perpetual deals - with just month or two notice - back in Jan 2020, right at Summit. It didn't cost many deals since a 3-year subscription was cheaper than perpetual.
The problem now will be, for customers who bought some hardware but have way, way to many instances and too much bandwidth, how they downscale that. I had a lot of customers with like 50 instances and 200 GB of bandwidth, and they're running 20 instances and have 40 GB allocated. They're not going to want to simply renew at the old minimums when they're using well under 50% of their licenses.
On the CVAD side, TTU has always been a method to simply sell the customer the same thing time and time again since sales teams don't get paid on renewals.
The comment about the ELT padding their pockets, CEO/CFO fraud, and taking Vista for a ride has me in stitches. So off offbase. The company was sold severely undervalued, sorry. Calderoni and Elliott are the real demons here, and what Calderoni did with Citrix and Wrike alone should have him behind bars. It's the PE takeover that has been rooting for financial engineering. This whole takeover was financial engineering.
I do not buy any of the doom and gloom however to the extent being described. There is still a bright future but not out of the woods yet by a long shot. Krause hopefully does not last too long as he is absolutely unfit in every way imaginable to lead this company. That All Hands meeting earlier in the month was beyond cringe, barely even knows what Citrix does. Absolute tool.
In hindsight, it appears that the Citrix CEO and CFO used financial engineering to fool the board of directors, and now the PE owners, into believing that they were on track with reengineering the company's business model.
But the fraud didn't end there, they also duped the banks that financed the loans to take the company private. Now the charade has been exposed, the decline will be accelerated. The sale of any remaining assets should happen relatively quickly, going forward.
This investor ruse is essentially over and done. It's merely another case study of American corporate deception. The employees and shareholders were the victims.
Henshall, Lima, Holland, and all of the RVPs on down padded their pockets off of this strategy to double dip on old sales and took Vista for suckers with the valuation.
It will be comical when sh-t hits the fan and renewals drop like a lead balloon. I bet within 3yrs Citrix is gutted for its parts and Vista runs a fire sale.
At least NetScaler has been freed from the shackles.
Word to the wise, take your talents elsewhere if they don’t can you. This will not be a fun ride!
Once upon a time, people respected my job at Citrix but it’s a laughing stock in the industry now!
/rant
It's very funny because Krause's plan is to milk existing customers by raising their prices. He's not interested in new accounts. Good luck with that.
LOL so true. I ki---d it the last few years by recycling renewals but there was nothing left to sell this year. Customers all felt screwed because the tech is just cr-p, support is garbage, and they have moved past it with CASB, micro services, SaaS, Microsoft VD. They are stuck with licenses too complex and services too broken to deploy… this seems like the future for Citrix that Vista will soon discover. The numbers are all padded and when terms expire, so many will not renew.