11/17/2015
Spinoff of the GoTo business.
4:18 pm Citrix Systems updates on its operations review, offers FY16 guidance, announces plan to spin off GoTo businesses, names new Chief Marketing Officer
Citrix Systems Inc. (CTXS) said it planned to spin off a business into a new public company and slash costs, months after activist investor Elliott Management Corp. called for change at the software firm.
Citrix (CTXS) said it would spin off its GoTo business, which includes the GoTo Meeting software that allows users to connect to business meetings from many devices.
It also noted that it would restructure its labor force, focus on its core business and optimize operations and resources. The company said it expects to cut about 1,000 full-time and contract jobs, mostly this month and in January 2016, excluding the effect of spinning off the GoTo business.
"We are simplifying our business in all areas -- product, marketing, sales, operations and development," said interim Chief Executive Bob Calderoni in a news release.
Shares of Citrix (CTXS) declined 2.4% in after-hours trade. |
