Promises, promises: Citrix says benefits are safe for staff – except maybe visa holders
(2022/02/10)
- Reference: 1644474669
- News link: https://www.theregister.co.uk/2022/02/10/citrix_staff_faq_update/
- Source link:
Vista Equity Partners and Evergreen Coast Capital, the two private equiteers behind the plan to [1]take Citrix private and merge it with TIBCO have given assurances to Citrix staff their benefits aren't in immediate peril – but warned workers on H-1B visas they'll likely face a review
The warning for staff employed on H-1B visas – the sometimes controversial permit that allows skilled foreigners to work in the USA – comes in an updated [2]FAQ for employees filed on Wednesday to ensure investors are informed about activities at the company.
The document is largely unchanged from a version published on January 31, so the following explanation of the transaction's intent remains in place:
The union will accelerate Citrix's defined growth strategy and SaaS transition. With the addition of TIBCO's capabilities and solutions, Citrix will be positioned to provide complete, secure, and optimized infrastructure for enterprise application and data management to advance hybrid cloud IT strategies and meet the needs of the modern enterprise.
But elsewhere in the document, staff are told the master plan to deliver on the above is a work in progress. Here’s the relevant section.
There are still many details to be worked out related to how – and to what extent – Citrix and TIBCO will be integrated. Vista and [Evergreen] have been focused on the transaction itself, and they want and need our input on the combination and strategy before the full plan is laid out.
Also unchanged are references to the possibility of redundancies, along with assurances that talented techies are in short supply – meaning Vista and Evergreen recognise the need to retain as many Citrix staff as possible.
Which may be why the updated letter includes five new questions and answers pertaining to just what staff can expect once the transactions conclude.
[3]
The new material explains that benefits should not be affected during the purchase process, that rights to Citrix shares remain, and that once the companies combine workers can expect "a competitive total rewards package."
[4]Citrix initiates 'Restructuring Program' – jobs and facilities to go
[5]Citrix has built a browser, and lost a CEO
[6]HP Inc slurps Teradici to get better at delivering remote PCs
[7]Citrix preps ‘Project Bifrost’ to make cloud-to-cloud moves a rainbow ride
One added Q&A pair addresses H-1B visa holders – of which Citrix appears to employ hundreds – and warns: "Once the transaction closes, we expect that each immigration case will be reviewed carefully, and if there are any actions required, they will be communicated to the employees and their leadership team."
The last question in the revised document is "What can we tell prospective hires?"
[8]
The answer is to tell them "We are moving from being a publicly held company to a privately held company. This will give us much greater flexibility to invest and innovate in our high growth areas. As such, it is a great time to join Citrix and become part of driving our future."
Those hires will, however, be walking into a company that's uncertain how it will pay its people, or the exact strategy they'll be asked to pursue. ®
Get our [9]Tech Resources
[1] https://www.theregister.com/2022/01/31/citrix_acquired_by_private_equity/
[2] https://otp.tools.investis.com/clients/us/citrix/SEC/sec-show.aspx?FilingId=15546356&Cik=0000877890&Type=PDF&hasPdf=1
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YgTwXuHCkCYIAGL1bz487AAAANI&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[4] https://www.theregister.com/2021/11/18/citrix_restructuring_program/
[5] https://www.theregister.com/2021/10/15/citrix_launches_browser_loses_ceo/
[6] https://www.theregister.com/2021/07/30/hp_inc_acquires_teradici/
[7] https://www.theregister.com/2021/03/16/citrix_project_bifrost_project_shield/
[8] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YgTwXuHCkCYIAGL1bz487AAAANI&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[9] https://whitepapers.theregister.com/
The warning for staff employed on H-1B visas – the sometimes controversial permit that allows skilled foreigners to work in the USA – comes in an updated [2]FAQ for employees filed on Wednesday to ensure investors are informed about activities at the company.
The document is largely unchanged from a version published on January 31, so the following explanation of the transaction's intent remains in place:
The union will accelerate Citrix's defined growth strategy and SaaS transition. With the addition of TIBCO's capabilities and solutions, Citrix will be positioned to provide complete, secure, and optimized infrastructure for enterprise application and data management to advance hybrid cloud IT strategies and meet the needs of the modern enterprise.
But elsewhere in the document, staff are told the master plan to deliver on the above is a work in progress. Here’s the relevant section.
There are still many details to be worked out related to how – and to what extent – Citrix and TIBCO will be integrated. Vista and [Evergreen] have been focused on the transaction itself, and they want and need our input on the combination and strategy before the full plan is laid out.
Also unchanged are references to the possibility of redundancies, along with assurances that talented techies are in short supply – meaning Vista and Evergreen recognise the need to retain as many Citrix staff as possible.
Which may be why the updated letter includes five new questions and answers pertaining to just what staff can expect once the transactions conclude.
[3]
The new material explains that benefits should not be affected during the purchase process, that rights to Citrix shares remain, and that once the companies combine workers can expect "a competitive total rewards package."
[4]Citrix initiates 'Restructuring Program' – jobs and facilities to go
[5]Citrix has built a browser, and lost a CEO
[6]HP Inc slurps Teradici to get better at delivering remote PCs
[7]Citrix preps ‘Project Bifrost’ to make cloud-to-cloud moves a rainbow ride
One added Q&A pair addresses H-1B visa holders – of which Citrix appears to employ hundreds – and warns: "Once the transaction closes, we expect that each immigration case will be reviewed carefully, and if there are any actions required, they will be communicated to the employees and their leadership team."
The last question in the revised document is "What can we tell prospective hires?"
[8]
The answer is to tell them "We are moving from being a publicly held company to a privately held company. This will give us much greater flexibility to invest and innovate in our high growth areas. As such, it is a great time to join Citrix and become part of driving our future."
Those hires will, however, be walking into a company that's uncertain how it will pay its people, or the exact strategy they'll be asked to pursue. ®
Get our [9]Tech Resources
[1] https://www.theregister.com/2022/01/31/citrix_acquired_by_private_equity/
[2] https://otp.tools.investis.com/clients/us/citrix/SEC/sec-show.aspx?FilingId=15546356&Cik=0000877890&Type=PDF&hasPdf=1
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YgTwXuHCkCYIAGL1bz487AAAANI&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[4] https://www.theregister.com/2021/11/18/citrix_restructuring_program/
[5] https://www.theregister.com/2021/10/15/citrix_launches_browser_loses_ceo/
[6] https://www.theregister.com/2021/07/30/hp_inc_acquires_teradici/
[7] https://www.theregister.com/2021/03/16/citrix_project_bifrost_project_shield/
[8] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_software/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YgTwXuHCkCYIAGL1bz487AAAANI&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[9] https://whitepapers.theregister.com/
Re: "their benefits aren't in immediate peril"
Dan 55
Only if they accept another job then they go through the fun of re-applying for a H1B visa all over again.
I expect Citrix know that - "which part of the workforce will put up with corporate bullshit more than the rest? Ah yes, the H1B holders."
Jenga
Anonymous Coward
"As such, it is a great time to join Citrix and become part of driving our future."
They can't help themselves, can they? They spew out spurious, dubious, vague, unbelievable 'answer' after 'answer', and then they add something so obviously reprehensible that the whole tower of bullshit collapses.
Corporate doublespeak
Electronics'R'Us
...and that once the companies combine workers can expect "a competitive total rewards package"
Translation: We will not pay current rates and give you (worthless) so called perks instead.
As noted already - time to refresh the CVs / resumes and look around in earnest.
Yeah, good luck with all that
Anonymous Coward
Having been bought by Vista Equity in the past, I think I know how this turns out...
"their benefits aren't in immediate peril"
You've got to love that phrasing. You're not in immediate peril. We'll be arranging that later.
Instead of declaring something actually reassuring, like "your benefits are safe".
Well, apparently they are not. Time to polish up the CVs.