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Cloud Software Group
American software conglomerate

Cloud Software Group is a conglomerate formed by Vista Equity Partners and Evergreen Coast Capital through the merger of Citrix and TIBCO Software.

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History

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).12 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.345 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 Group7 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). 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.1011 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.12 Krause continued to work at Cloud Software Group despite his employment by DOGE, this has been cited as a potential conflict of interest.13

See also

References

  1. "Citrix sets $4B high yield bond offering backing LBO". 12 September 2022. https://finance.yahoo.com/news/citrix-sets-4b-high-yield-050000509.html ↩

  2. Millward, Wade Tyler (2022-09-30). "Citrix-Tibco Close $17B Deal, Uniting Virtualization And Enterprise Apps Vendors". CRN. https://www.crn.com/news/cloud/citrix-tibco-close-17b-deal-uniting-virtualization-and-enterprise-apps-vendors ↩

  3. Gain, Vish (2022-01-31). "Citrix to go private after $16.5bn acquisition by Vista and Elliott". Silicon Republic. Retrieved 2022-01-31. https://www.siliconrepublic.com/business/citrix-acquisition-vista-elliott-private-tibco ↩

  4. Charlotte Trueman (March 23, 2022). "Noteworthy tech acquisitions 2022". Computer Weekly. Retrieved March 25, 2022. https://www.computerworld.com/article/3646533/noteworthy-tech-acquisitions-2022.html ↩

  5. 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. https://www.bloomberg.com/news/articles/2022-07-12/bofa-starts-sounding-out-investors-on-citrix-buyout-debt ↩

  6. Sharwood, Simon (January 23, 2023). "XenServer, split from Citrix, promises per-socket prices 'unlike certain other hypervisors'". The Register. https://www.theregister.com/2023/01/23/xenserver_socket_licences/ ↩

  7. Cite error: The named reference :0 was invoked but never defined (see the help page). /wiki/Help:Cite_errors/Cite_error_references_no_text ↩

  8. Gonsalves, Antone (January 11, 2023). "Thousands of Citrix, Tibco employees laid off following merger". TechTarget. Retrieved February 9, 2025. https://www.techtarget.com/searchenterprisedesktop/news/252529104/Thousands-of-Citrix-Tibco-employees-laid-off-following-merger ↩

  9. 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. https://www.msn.com/en-us/news/politics/treasury-installs-ally-of-musk-s-doge-as-head-of-payment-system/ar-AA1yBq1K ↩

  10. Stratford, Michael (February 7, 2025). "Treasury elevates Musk ally to lead government payment system". POLITICO. Retrieved February 7, 2025. https://www.politico.com/news/2025/02/07/treasury-musk-krause-doge-00203132 ↩

  11. "Treasury Department Letter to Members of Congress Regarding Payment Systems". U.S Department of the Treasury. Retrieved February 9, 2025. https://home.treasury.gov/news/press-releases/sb0009 ↩

  12. Stratford, Michael (February 7, 2025). "Treasury elevates Musk ally to lead government payment system". POLITICO. Retrieved February 7, 2025. https://www.politico.com/news/2025/02/07/treasury-musk-krause-doge-00203132 ↩

  13. "Elon Musk's man in the Treasury Is Still Holding Down His Day Job as Software CEO". wired.com. Wired. Retrieved February 14, 2025. https://www.wired.com/story/musk-krause-treasury-bfs-conflict-of-interest/ ↩