Goodwin Procter is advising software maker Citrix Systems, Inc. on its recently announced plans to spin off its GoTo family of products into a separate, publicly traded company. The transaction, which is intended to be a tax-free spinoff to Citrix shareholders, is expected to be completed in the second half of 2016.
As a result of the separation, Citrix shareholders will own shares in two publicly traded companies: GoToAssist, GoToMeeting, GoToMyPC, GoToTraining, GoToWebinar, Grasshopper and OpenVoice; and Citrix, which will focus on its strategic solutions for secure and reliable delivery of applications and data. Additional information regarding the transaction is available in the Citrix press release.
Citrix is leading the transition to software-defining the workplace, uniting virtualization, mobility management, networking and SaaS solutions to enable new ways for businesses and people to work better. Citrix solutions power business mobility through secure, mobile workspaces that provide people with instant access to apps, desktops, data and communications on any device, over any network and cloud. With annual revenue in 2014 of $3.14 billion, Citrix solutions are in use at more than 400,000 organizations and by over 100 million users globally.