Wrike has completed its separation from Citrix Systems. It announced it has the financial backing of Vista Equity Partners and Evergreen Coast Capital, following the close of its acquisition of Citrix and its combination with TIBCO Software.
Vista and Evergreen are investors with experience working with successful SaaS companies. They understand Wrike’s mission and values, including the edge that Wrike brings to the competitive work management space. Wrike intends to leverage its position as a private, autonomous company to continue pursuing innovation focused on solving workplace challenges and meeting the needs of the modern workforce.
Over the last three years, digital transformation has accelerated, and Wrike’s workplace has changed. This created opportunities to improve productivity. During this time, many companies also have been challented by the “Great Resignation” trend last year and the “Quiet Quitting” trend this year.
To get actionable insights into these trends, Wrike surveyed approximately 3,000 business leaders and workers and published the “Dark Matter of Work” report that shows 55 percent of the work that takes place within an organization is not visible to key stakeholders, costing organizations of 3,200 employees up to $60 million a year in wasted time, delayed or canceled projects and employee churn.
Companies have a unique opportunity to reverse this trend by taking the productivity and visibility benefits that workflow automation and work management offer and unlocking the same benefits in the hundreds of workflows that live in the dark matter of spreadsheets and unstructured messages. The bottom line: demand has never been greater for a work management platform that can meet the needs and job styles of individuals, while giving an organization the collaboration, measurement, and visibility it needs to drive the business forward.
In recent years, Wrike created a collaborative work management category and brought several cornerstone innovations to it. In the process It has evolved as a product and as an organization. It continued this evolution with more than 200 new releases and updates in the past year. Among the advancements is Custom Item Types, a core platform capability that enables users to create their own work item types tailored to their team’s specific culture and style.
This has expanded Wrike’s promise around versatility, opening its platform to an infinite amount of use cases across departments and organizations.
Other recent platform releases include:
- AI Subtask Creation, a feature that uses artificial intelligence to extract key action items from user-selected text and turn them into subtasks that can be assigned and distributed into a team’s workflow.
- Resource Planning, a feature that helps department and team leaders, along with program and projectmanagers, simplify and accelerate resource planning, especially for cross-team and cross-department projects.
- Cloud Connector, a universal API that enables Wrike to integrate with any Digital Asset Management system of a customer’s choice.
With all this progress Wrike believes tremendous potential lies ahead. And as it grows with the needsof its customers, it announces the hiring of Thomas Scott as Chief Financial Officer and Brian Clark as Chief Revenue Officer.
Join the company Oct. 25-27 at Wrike Collaborate for major upcoming announcements.