It isn't Tibco who is firing. TK has been cutting Tibco staff since August (marketing; HR; etc) and continues to send out notices to Tibco staff. Vista has decided a new strategy and TK is implementing it. If Citrix (or Tibco) was a great company, they wouldn't have been bought by a PE firm to take apart.
Straight to the point, @afi+1kCF3x6h .
I'd like to think Kirill would have had us in a much better shape then we ended up with Henshall. I remember him specifically mentioning we have to "crawl, walk, run to the cloud". And after he got pushed out Henshall saying we are going to "run, run, run to the cloud" Fast forward 3 years later "maybe we should have slown down our approach to the cloud"
/sigh, no way to know, but I think I would prefer a Engineer CEO then a CFO turned CEO any day of the week.
Citrix has been on a declining path for about 10 years. For those of you who wish MarkT was back - he started the decline. Tons of non-sensical acquisitions, trying to become a "Silicon Valley" guy, hiring some bad leadership (my all-time favorite was Steve Daheeb!), wasting shareholder money. He was forced out. Then the wasted time with Kyrill (spelling?), then Henshall trying to run the company while satisfying the board. One thing after the other. I am just saying that Mark deserved a ton of credit for the success of the company in its early years, he's equally to blame for setting it on the path of decline.
@yio+1kDB4YL0 "decided to buy Wrike from Vista for..... reasons?"
Those "reasons" are quite obvious. This was a deliberate bad decision, designed to crash the stock price to make it more attractive to Vista/Elliot for purchasing. Illegal stock manipulation. The class action lawsuits out there address this, amongst other things. The SEC was supposedly also looking into it. Unfortunately, I doubt anyone will be punished for it, as usual.
The choices of a PE company to buy a firm are not related to "they are not doing well." It is directly related to how much money the PE company feels they can make by chopping the company to bits and selling those bits off...
"If Citrix (or Tibco) was a great company, they wouldn't have been bought by a PE firm to take apart."
Tibco was already owned by Vista, so forget them for a moment.
Citrix was targeted by Vista and Elliot because it had cash, and unexploited capacity to borrow. Because of those things it was also valued too highly to buy.
That is, until Citrix - with ELT members who served on boards of Vista companies - decided to buy Wrike from Vista for..... reasons?
Just to be clear on one important thing. TIBCO was what Vista used as "collateral" for their part of the deal. They used a "figure" that represented the market value of TIBCO as their "stake" in the take private. The merge was because of several failed attempts to offload TIBCO (by Vista). Doing what they did gave TK his "mini-Broadcom". Same model, same approach. There is absolutely (and never will be) any synergy between Citrix and TIBCO.
Oh, one other thing: a Vista-like company could buy any corporation in America and tear it apart. That doesn't mean the corporation wasn't doing well. If we're going to microanalyze every company and decide just how many employees are really needed, half of the United States would be unemployed.
TIBCO was doing pretty well and could easily have continued on. Citrix had more issues. P.S. TIBCO was already owned by Vista; that's not new. Vista bought Citrix and decided to merge it with TIBCO.