Covington Associates Advises Ardence, Inc. on Sale to Citrix Systems
Boston, MA January 5, 2007 Covington Associates LLC announced today that it acted as the sell-side advisor to Ardence, Inc. ("Ardence"), a software streaming technology developer in its sale to Citrix Systems, Inc.(NASDAQ: CTXS), a global leader in application delivery infrastructure. Financial terms of the transaction were not disclosed. Citrix expects Ardence to add approximately $15 to $18 million in revenue to its fiscal year 2007 results.
Backed by Advent International and Capital Resource Partners, Ardence is a 100-person company based in Waltham MA that has over 3,000 customers, including Time Warner Cable, Dow Corning, Hollywood Video, Boeing, Raytheon, Freeze.com, U.S. Department of Defense, U.S. Department of Energy and others. Ardence has two product groups: one focused on on-demand provisioning, the other focused on real-time operating systems. Citrix selected Ardence for its synergistic technology that, when combined with Citrix's existing product portfolio reinforces its overall application delivery strategy and positions the company as a strategic vendor for desktop delivery infrastructure. Ardence picked up a CRN Best in Show award at IBM PartnerWorld this year for Ardence Data Center, which helped one of its customers cut its server provisioning process from hours to minutes. To learn more about the company, please visit www.ardence.com.
"Ardence has been changing the way enterprises compute by delivering entire operating systems and application sets to users on-demand", says Richard Davis, Ardence's Chief Executive Officer. "By combining with Citrix, we are going to dramatically accelerate the adoption of the Ardence solution as well as make it even stronger. It is an exciting outcome for us, and I am very pleased to have had Covington Associates by my side helping make it happen."
Eric Shealy, a Managing Director at Covington Associates and lead advisor to Ardence on the transaction, was quoted as saying "It is always pleasing to be involved in a successful outcome, but in this case it was doubly so as the technology involved is game changing. I look forward to the day in the near future when Ardence OS streaming becomes a standard enterprise computing architecture."
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.