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Citrix (CTXS) Workspace Offerings Leveraged By Teleperformance

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Citrix Systems, Inc CTXS recently announced that Teleperformance was leveraging its digital workspace solutions that include Citrix Virtual Apps and Desktops and Citrix application delivery controller (ADC) offerings. This will enable Teleperformance facilitate a seamless remote work experience for its employees amid the ongoing pandemic.

Teleperformance is engaged in providing customer experience management, back-office and business process knowledge service among others to enterprises across the globe.

By combining its Teleperformance Cloud Campus and Citrix’ workspace offerings, the France-based firm will be able to provide secure access to all the systems and tools information needed by employees and bolster their productivity.

Citrix Systems, Inc. Price and Consensus

Citrix Systems, Inc. Price and Consensus
Citrix Systems, Inc. Price and Consensus

Citrix Systems, Inc. price-consensus-chart | Citrix Systems, Inc. Quote

Higher Demand for Workspace Offerings Augurs Well

Citrix is witnessing strong traction for unified workspace offerings driven by pandemic-triggered demand for secure remote work solutions. The trend is unlikely to dissipate soon as the global vaccine rollout is expected to be a time-consuming affair.

Recently, Citrix’s digital workspace solutions were deployed by Major League Baseball and India-based Canara HSBC Oriental Bank of Commerce Life Insurance. In February 2021, Citrix revealed that U.K.-based Northumbria University was leveraging Citrix digital workspace solutions to foster online learning amid the pandemic.

Citrix boasts more than 400,000-strong clientele base that leverages its wide ranging digital workspace and security solutions.

The demand for Citrix’s desktop virtualization offerings is likely to witness continued traction as centralized management of employee desktops increases security, control and promotes cost savings for business enterprises.

According to Mordor Intelligence data, the desktop virtualization market is projected to hit $12.29 billion by 2026 from $6.7 billion in 2020 at a CAGR of 10.6% from 2021 to 2026.

To make the most of the ongoing trend, the company is constantly enhancing its capabilities and entering into strategic alliances. In 2020, Citrix and Upwork UPWK together unveiled Upwork Microapps for Citrix Workspace app that will aid enterprises to reduce friction in the hiring process.

Citrix also recently purchased Wrike for $2.25 billion to supplement its unified digital workspace solutions’ portfolio. Wrike is engaged in providing businesses with software as a service (SaaS) based collaborative work management solutions.

Moreover, rapid uptake of its solutions is likely to strengthen the company’s prospects in the lucrative Digital Workplace market. Per Market Research Engine data, the Digital Workplace market is anticipated to witness a CAGR of 30% between 2021 and 2026.

Nevertheless, increasing investments on portfolio expansion and product enhancements, amid stiff competition from VMware's VMW Horizon and Amazon’s AMZN Amazon WorkSpaces are likely to limit margin expansion in the near term for this Zacks Rank #3 (Hold) stock.

You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

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