Cloud Software Group
Cloud Software Group is a conglomerate formed by Vista Equity Partners and Evergreen Coast Capital through the merger of Citrix and TIBCO Software.
History
[edit]On January 31, 2022, it was announced that Citrix had been acquired in a $16.5 billion deal by affiliates of Vista Equity Partners and Evergreen Coast Capital. Citrix would merge with TIBCO Software, a Vista portfolio company to form Cloud Software Group (CSG).[1][2] In July 2022, Citrix announced that Tom Krause would succeed Robert Calderoni as CEO following the merger. It was also reported that Citrix would go private as part of the deal.[3][4][5] As part of the merger, in September 2022, Citrix announced a $4.55 billion-equivalent cross-border term loan to back its $16.5 billion buyout by Vista Equity and Evergreen Coast Capital. Following the merger, the Citrix Hypervisor product-line was spun-off into a standalone business unit under CSG and rebranded as XenServer.[6]
In July 2022, Krause became chief executive officer of the Cloud Software Group[7] After Krause joined Cloud Software group it laid off 15 percent of its employees.[8] A year later it laid off an additional 12 percent.[9]
In January 2025, Krause became involved with the U.S. Treasury Department as part of the Department of Government Efficiency (DOGE), an organization widely viewed as undermining American democracy.[7] He was assigned as a special government employee to review the federal payment system and was granted limited access as a liaison between the Treasury and DOGE.[10][11] On February 7, 2025, he was appointed as the Fiscal Assistant Secretary of the Treasury, succeeding Matthew Garber who had been acting in the role since David Lebryk's resignation.[10] Krause continued to work at Cloud Software Group despite his employment by DOGE, this has been cited as a potential conflict of interest.[12]
See also
[edit]References
[edit]- ^ "Citrix sets $4B high yield bond offering backing LBO". 12 September 2022.
- ^ Millward, Wade Tyler (2022-09-30). "Citrix-Tibco Close $17B Deal, Uniting Virtualization And Enterprise Apps Vendors". CRN.
- ^ Gain, Vish (2022-01-31). "Citrix to go private after $16.5bn acquisition by Vista and Elliott". Silicon Republic. Retrieved 2022-01-31.
- ^ Charlotte Trueman (March 23, 2022). "Noteworthy tech acquisitions 2022". Computer Weekly. Retrieved March 25, 2022.
- ^ Scigliuzzo, David; Gurumurthy, Gowri; Amodeo, Jeannine (July 12, 2022). "Bank of America Starts Sounding Out Investors on Citrix Buyout Debt". Bloomberg News. Retrieved November 7, 2022.
- ^ Sharwood, Simon (January 23, 2023). "XenServer, split from Citrix, promises per-socket prices 'unlike certain other hypervisors'". The Register.
- ^ a b Cite error: The named reference
:0was invoked but never defined (see the help page). - ^ Gonsalves, Antone (January 11, 2023). "Thousands of Citrix, Tibco employees laid off following merger". TechTarget. Retrieved February 9, 2025.
- ^ Alemany, Jaqueline; Stein, Jeff; Torbati, Yeganeh (February 7, 2025). "DOGE deputy to oversee powerful Treasury system as Musk demands cuts". Washington Post. Retrieved February 9, 2025.
- ^ a b Stratford, Michael (February 7, 2025). "Treasury elevates Musk ally to lead government payment system". POLITICO. Retrieved February 7, 2025.
- ^ "Treasury Department Letter to Members of Congress Regarding Payment Systems". U.S Department of the Treasury. Retrieved February 9, 2025.
- ^ "Elon Musk's man in the Treasury Is Still Holding Down His Day Job as Software CEO". wired.com. Wired. Retrieved February 14, 2025.
