A European exit quantified: Citrix paid approximately $53 million for Podio

Citrix recently acquired Podio, the Copenhagen-based startup behind a social, cloud-based collaboration software platform with the same name. The terms were kept under wraps at the time of the announcement, but it turns out the purchase price was diligently disclosed by Citrix in a recent public SEC filing.

It doesn’t look like anyone noticed this, and to be fair, neither did we until we were gently pushed to peruse through SEC filings when we recently made an inquiry about the exit. So, if only for posterity, here’s what Citrix paid for Podio:

As you can see below, the total purchase price amounts to approximately $53 million at the high end, with $43.6 million paid in cash (net of $1.7 million of cash) and the rest in yet-to-vest Citrix stock.

That’s a rather nice exit for a European company, considering the collaboration software maker had raised only about $4.6 million and was competing in a market with lots of competitors big and small.

From the aforementioned SEC filing:

In April 2012, the Company acquired all of the issued and outstanding securities of Podio ApS (“Podio”), a privately held provider of a cloud-based collaborative work platform. Podio will become part of the Company’s Online Services division.

The total preliminary consideration for this transaction was approximately $43.6 million, net of $1.7 million of cash acquired, and was paid in cash. Transaction costs associated with the acquisition are currently estimated at $0.6 million, of which the Company expensed $0.5 million during the three months ended March 31, 2012 and are included in General and administrative expense in the accompanying condensed consolidated statements of income.

In addition, in connection with the acquisition, the Company assumed non-vested stock units which were converted into the right to receive up to 127,668 shares of the Company’s common stock, for which the vesting period reset fully upon the closing of the transaction.