LogMeIn, a cloud-based connectivity provider, and Citrix Systems, a provider of server, application and desktop virtualisation, have agreed to merge, the two companies recently announced.
The merger, valued at approximately $1.8 billion (£1.36bn), will see LogMeIn combining with Citrix’s GoTo business in a Reverse Morris Trust transaction.
The two companies said the combined company is expected to have annual revenues greater than $1 billion, and should have more than two million customers all over the globe.
Bill Wagner, from LogMeIn, will continue serving as President and CEO, while the company’s Ed Herdeich will assume the role of Chief Financial Officer. Some GoTo management members will also join the combined company, which will have its headquarters in Boston.
According to the press release, there will be nine directors in the Board – five current LogMeIn directors, and four appointed from Citrix: Bob Calderoni, Jesse Cohn, and Peter Sacripanti, as well as COO and CFO, David Henshall.
Chairman of the combined board will be Michael Simon, former CEO and current Chairman of the Board of LogMeIn.
“We are extremely excited about this transformative merger and the profound benefits it will bring to our customers, our people and our shareholders,” said Bill Wagner, President and CEO of LogMeIn, who will lead the combined company as President and CEO.
“Both companies have passionate employees who are committed to developing easy-to-use software that simplifies the way we connect with people, devices, apps and products. The additional scale of the combined company will allow us to accelerate innovation in order to deliver better outcomes for our customers and also creates a compelling financial model that will reward our shareholders."