Citrix Acquision of Web Conferencing Services Provider to Help Accelerate Growth in Europe

| About: Citrix Systems, (CTXS)

Citrix Systems (NASDAQ: CTXS), a software-as-service provider based in Florida, announced on Friday that it has agreed to acquire its privately-held European counterpart Netviewer AG. The financial terms of the transaction were undisclosed.

Netviewer, based in Germany, is a provider of online web conferencing services in Europe. The firm has about 18,000 customers, including businesses of varying sizes.

The deal will accelerate the growth of Citrix Online, Citrix System’s online services division, in Europe the company said. Citrix Online provides online web conferencing tools and remote computer access services.

"SaaS-based collaboration and IT Services have been key to our growth story. We believe there is even more opportunity ahead as the global market matures and customers look for a strong, experienced partner," said Brett Caine, Senior Vice President of Online Services Division at Citrix Systems.

After the deal closes, Netviewer will be integrated into Citrix Online. Robert Gratzl, Netviewer's Chief Financial Officer, will become the division’s Vice President and General Manager in Europe, Middle East and Africa.

The deal, subject to certain closing conditions, is expected to close in early 2011.

Citrix Systems’ shares have edged up 1.2% to trade at $69.98 as of 11:39 am EST Friday.