Citrix Systems, Inc. is an American multinational software company that provides server, application and desktop virtualization, networking, software as a service (SaaS), and cloud computing technologies. It was founded in Richardson, Texas in 1989 by Ed Iacobucci, who served as chairman until his departure in 2000.
The company began by developing remote access products for Microsoft operating systems. It licensed source code from Microsoft and has been in partnership with the company throughout its history. Citrix came to prominence in the 1990s as a leader in thin client technology, purpose-built for accessing remote servers. The company had its first initial public offering in 1995 and, with few competitors, experienced large revenue increases between 1995 and 1999.
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Citrix was founded in Richardson, Texas in 1989 by former IBM developer Ed Iacobucci with $3 million in funding.Following its initial setup and development, Iacobucci moved the company to his former home of Coral Springs, Florida.The company’s first employees were five other engineers from IBM that Iacobucci convinced to join his team. Iacobucci served as chairman of the company and Roger Roberts became the CEO of Citrix in 1990.Citrix was originally named Citrus, but changed its name after an existing company claimed trademark rights.The Citrix name is a portmanteau of Citrus and UNIX.
Citrix had its initial public offering in December 1995.The company’s share price doubled from $15 to $30.During the mid-1990s, Citrix became the leader in its growing industry with very few competitors, and the company’s revenues doubled year over year between 1995 and 1999.
Following weeks of discussions, Iacobucci was able to persuade Microsoft to agree to license Citrix technology for Windows NT Server 4.0, which resulted in Windows Terminal Server Edition in 1998.
In 2001 Citrix acquired the Sequoia Software Corp. for $185 million.That same year it released MetaFrame XP, a new platform using MetaFrame technology. This was later rebranded by Citrix as Presentation Server, in 2005.
On July 9, 2002, Citrix announced a 10% job cut. At the time the company employed about 1,900 workers. After the announcement, the stock hit a five-year low.
Citrix acquired ExpertCity, a provider of remote desktop products, in December 2003 for $225 million in cash and stock. The acquisition was the largest for the company up to that date.