5 things to know in #MiamiTech: Citrix acquires, Motorsport Games trades, plus news from ModMed, Expetitle & Pipeline

By Nancy Dahlberg

1

Citrix to buy Slack competitor Wrike for $2.25B

In big-tech news, this just in: Citrix has agreed to acquire Wrike, an enterprise focused work management platform company based in San Jose, in an all-cash deal valued at $2.25 billion.

As remote work has become the norm during the pandemic and is expected to continue, Citrix, a 30-year-old publicly-traded enterprise software giant based in Fort Lauderdale, will  be able to offer Wrike’s tools to its hundreds of thousands of customers, including Deloitte, Hewlett Packard and SAP.  It's one of the largest acquisitions ever by a Florida-based technology company.

Wrike is a SaaS platform that allows work teams to collaborate and track projects, workflows and deadlines. Founded in 2006, Wrike services customers including Google, Dell, Snowflake and AirBnB, and has more than 1,000 employees.

Citrix and Wrike will serve a combined 400,000 customers across 140 countries. Citrix, with a market cap of about $16 billion, already sells cloud and work-from-home products but the acquisition brings the company into the collaboration software area. Wrike's competitors include Slack, Trello and Asana.  

David Henshall, Citrix's president and CEO, believes remote work isn't going away and the future of work will be hybrid.

"Together, Citrix and Wrike will deliver the solutions needed to power a cloud-delivered digital workspace experience that enables teams to securely access the resources and tools they need to collaborate and get work done in the most efficient and effective way possible across any channel, device or location," said Henshall in a statement. Citrix currently has more than 8,000 employees.

The two companies will operate independently until the deal closes, expected in the first half of 2021. Wrike founder and CEO Andrew Filey will continue to head the Wrike platform after the acquisition, Citrix said.

This story will be updated.

2

Motorsport Games of Miami goes public

Motorsport Games, a racing game developer and esports provider, has gone public with an offering of Class A common stock, surged in its first week of trading and has raised more than $60 million in the process, the company said. Motorsport Games, based in Miami, is a division of the racing media company Motorsport Network, founded in 2010..

Motorsport Games, founded in 2018, is a licensed racing game developer for fans of Nascar, Le Mans, the British Touring Car Championship and others. It is based in Miami, with offices in Orlando, England and Moscow. Parent company Motorsport Network recently announced it would be expanding into the Magic City development in Little Haiti, and that its HQ and its Motorsport Games unit would be in that location.

“We’re just humbled by [the IPO]. I’m overwhelmed with positive emotions that the investor community understood our vision and is here through the long run with us,” said Dmitry Kozko, Motorsport Games’ CEO, in Barron’s. Motorsport Games’ goal is to “become the household brand names for racing games and esports globally. All we want to do is bring joy to the masses through racing games,” he added.

3

ModMed buys orthopedics EHR company

Modernizing Medicine  announced this week it has acquired orthopedics electronic health records  vendor Exscribe. The acquisition brings together two of the healthcare industry’s leading, all-in-one orthopedic EHR vendors, Boca Raton-based Modernizing Medicine said. Terms of the deal were not released.

“Exscribe and Modernizing Medicine have a shared commitment to customer success and improving patient outcomes and we are excited to work together to leverage our combined orthopedics expertise to move the industry forward,” said Dan Cane, co-founder and CEO of the fast-growing Modernizing Medicine, founded in 2010. “Both companies were founded on the belief that the best EHRs are built specialty specific ‘by physicians, for physicians,’ and that product excellence is a direct reflection of the strength of our team.”

Exscribe was founded in 2000 by nationally-renowned orthopedic surgeon Ranjan Sachdev who was looking for a better way to manage his orthopedic practice. Cane said with the acquisition, ModMed “confident that we can leverage our combined expertise to enhance and grow our solutions to meet the needs of customers of virtually any size and orthopedic specialization.”

ModMed is based in BRIC (Boca Raton Innovation Campus, the former IBM research campus), and has offices in California and Chile. ModMed employs more than 800 people. It ranked on the InC 5000 list of fastest-growing companies for the 6th year running.

READ MORE: Inside ModMed’s telehealth launch: ‘We knew we had to get it out there fast’

4

Stronger together, Expetitle and SimpleShowing partner up

With the goal of creating a fully digital home purchase experience, two real estate technology startups are partnering up.

Expetitle, the multi-state digital title company born out of the LAB Ventures Startup Studio in Miami, is joining forces with SimpleShowing, a full service brokerage that is also leveraging technology to create a new way to buy or sell a home. The startups announced the partnership Tuesday.

Sean Daly

Expetitle has already performed closings throughout Florida and has experienced 400% growth since the start of the pandemic. Expetitle, led by CEO Sean Daly, has raised more than $1 million from institutional investors, including $850,000 during the pandemic, to create a full stack tech closing experience across all of Florida and recently expanded to Georgia.

SimpleShowing, based in Atlanta, has recently expanded to Florida, including Miami-Fort Lauderdale, Tampa and Orlando. The venture-backed startup combines the home search and home tour process into one streamlined process.

“We are excited to join forces with SimpleShowing, combining their tech-enabled streamlined home search and selection process with our leading-edge technology and closing services to create an unparalleled real estate experience, Daly said.

READ MORE: Miami proptech secures seed funding, sees demand surge during pandemic

5

Pipeline launches promotion for newcomers

For the tech and finance founders, VCs and tech professionals checking out the Magic City as a place to relocate, a Miami co-working company has a deal for you.

Pipeline Workspaces, the Miami-based co-working concept with a national presence, has launched a “Welcome to Florida, Doors Wide Open” promotion, offering two months of free flexible office to organizations and individuals that are considering relocating or expanding their businesses to the region.

“In the last several months, Florida has been receiving about 1,000 new residents per day, and most of those are moving to Miami, Orlando and Tampa – all cities where we have one or more Pipeline locations,” said Philippe Houdard, co-founded of Pipeline Workspaces. “Our hope is that by providing these organizations with a smooth transition, they can settle into their new community with absolutely minimal disruption to their business operations.”

In South Florida, Pipeline co-working spaces are located in Brickell (the original), Coral Gables, Doral and Fort Lauderdale. Each space is high design with its own personality.

To qualify for its “Welcome to Florida, Doors Wide Open” promotion, applicants must show proof the business is currently registered or was previously registered outside Florida. An organization may have up to 5 employees working at Pipeline, and they must provide a brief description of the company and why they should be considered for this promotion.

More info:: https://pipelineworkspaces.com/florida/

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Nancy Dahlberg
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