Citrix Systems buys Vapps Inc. for $2.26 million

.

Citrix SystemsFlorida-based Citrix Systems Inc. has acquired venture capital-backed start-up company Vapps Inc. for $26.6 million. Citrix Systems makes software and machinery that helps companies remotely manage their applications.

According to latest sources, if Vapps continues to perform well, it will get an additional $4.4 million funding from Citrix. The deal is a small one, but Azure Capital Partners, the largest investor in Vapps, said that it received a 3.6 times return on its investment over 18 months. It amounts to a 125 percent internal rate of return for Azure. The acquisition marks Azure Capital's third exit this year.

Last month, eBay Inc. bought Azure-funded Bill Me Later, an online payments service, for $945 million. While in January, Azure sold WorldWide Packets to network solutions provider Ciena Corp. for $300 million. Vapps, Inc. is a technology company utilizing its patent-pending audio conferencing technology to provide managed audio conferencing solutions to the SMB, Enterprise and Service Provider markets.

Citrix disclosed the acquisition in its Nov 5 regulatory filing. Shares of Citrix closed down 61 cents or 3 percent at $22.95 on Nasdaq. The 52-week high for the stock was $39.32 on Nov. 15 and a 52-week low of $19 on Oct. 10.


Latest News

NHTSA opens probe into automatic braking system on 2014 GM Chevrolet Impala
Withings launches latest-generation Pulse fitness tracker --- Pulse O2
Google unveils new mobile ads which help find apps that fit users’ daily habits
Several Canadians experienced child abuse
12 per cent decrease in serious violence
Exercise plus sex burns more calories
Analysts discover mitochondria that are unable to repair itself
Microsoft's ‘Cortana’ virtual assistant for Windows Phone 8.1 OS
Twitter's new profile design is now available to all users
Kidney deaths at hospitals can be avoided
Movement makes some people feel sick
ADHD kids suffer language problems