(Bloomberg) — Tom Krause, who stepped down Monday as president of Broadcom Inc.’s software group, has been named chief executive officer of the company being formed via the merger of Citrix Systems Inc. and Tibco Software.
Citrix said Monday that Krause is to become CEO after that deal closes, confirming a report by Bloomberg News. The transaction is slated to close in the third quarter.
Krause, 44, was one of the chief negotiators in Broadcom’s $61 billion acquisition of cloud-computing company VMware Inc. He joined Broadcom in 2012 and became its chief financial officer in 2016. Since 2020, he’s led the chip firm’s six software divisions.
Elliott Investment Management and Vista Equity Partners agreed to buy Citrix in January for about $13 billion, with plans to merge it with Vista portfolio company Tibco.
“Tom is the right leader for the combined company, bringing decades of deep industry experience and an unparalleled track record of building companies and setting them up for sustainable growth and value creation,” Elliott’s head of North American private equity David Kerko, said in a statement.
Vista Equity Partners Managing Director John Stalder said the firm has the “highest confidence in Tom’s ability to lead the combined teams.”
Citrix makes software that workers use to log onto to their corporate programs virtually. Tibco is an enterprise data management firm. The combination will create one of the world’s largest software providers, serving 400,000 customers, according to a statement announcing the merger.
“I am excited to partner with the leadership teams and talented employees from Citrix and Tibco around the world to drive growth and ensure a successful path forward for the combined company,” Krause said.
(Updates with confirmation from press releases started in first paragraph)
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