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Citrix's (CTXS) Workspace Solutions Witness Solid Adoption

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Zacks Equity Research
·4 min read
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Citrix Systems, Inc. CTXS recently announced that Shardul Amarchand Mangaldas & Co., one of India’s leading law firms, has selected the company’s digital workspace solutions to facilitate a simplified secure and reliable working experience for its employees, and augment work productivity from anywhere.

The digital workspace solutions, including Citrix Endpoint Management and Citrix SD-WAN, provide a unified elevated working experience and automatically implement varying security measures to safeguard the data stored on devices used by employees.

Citrix Endpoint Management enabled Shardul Amarchand and Mangaldas & Co. to dynamically apply security policies and procedures to protect corporate data – while implementing Bring Your Own Device (BYOD) strategy for employees.

Besides, Citrix SD-WAN aids IT teams to deliver a consistent and reliable user experience while accessing SaaS apps, cloud workloads, virtual apps and desktops or traditional data center resources from anywhere, and any device.

Notably, Citrix SD-WAN facilitates superior user experience via seamless connectivity and availability and enhanced visibility to improve productivity of the firm’s lawyers.

Citrix has enabled Shardul Amarchand Mangaldas & Co. to create an advanced digital workspace by which its team can access applications and insights in a secure and consolidated manner, and get work done quickly in real time on device of the employee's convenience.

The company’s efforts to support remote work bode well amid coronavirus crisis induced work-from-home wave and are likely to drive adoption of its workspace offerings. This is expected to drive revenues in the quarters ahead and instill investors’ optimism in the stock.

Notably, shares of Citrix have rallied 15.8% year to date compared with the S&P 500 index’s growth of 13.3%.

Evolving Workspace Trends Favor Prospects

The COVID-19 crisis compelled governments worldwide to impose lockdowns, which led to increase in work-from-home trends. Consequently, companies that lack remote work capabilities are expected to witness a loss in productivity.

Remote working seems to be growing on employees as well. Per a study conducted by International Business Machines, more than 75% pointed that they would like to continue to work remotely occasionally, while nearly 54% indicated they would like this to be their primary way of working.

In this regard, the demand for robust solutions that helps manage all of the tasks associated with remote work is likely to increase among organizations looking to boost productivity amid lockdowns. As a result, Citrix’s strength in portfolio is expected to help the company acquire more customers in the upcoming quarters.

Moreover, growing adoption of its solutions is likely to expand the company’s presence in the lucrative Digital Workplace market. Per Grand View Research data, the market is expected to reach $54.2 billion by 2027 at a CAGR of 11.3%.

Efforts to Enhance Offerings Hold Promise

Citrix’s enhanced offerings are witnessing robust momentum as an increasing number of companies have selected Citrix for their remote work needs. The company’s solutions were adopted by Gloucestershire Hospitals NHS Trust to enable its employees to work from home and continue providing essential health services.

This growing clout highlights the strength and functionality of the company’s solutions. Citrix, which currently carries a Zacks Rank #3 (Hold), is well poised to benefit from the ever-evolving workplace needs during these uncertain times. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The company is leaving no stone unturned to capitalize on the rapidly changing workspace demands stemming from the ongoing pandemic.

The company has collaborated with Upwork UPWK for the launch of the new Upwork Talent Solution with Citrix Workspace, which is designed to help companies improve productivity amid growing remote-work trends. The new offering is aimed at helping businesses onboard and integrate professionals, and provide them with remote access to company resources across all locations and devices.

Citrix also partnered with Wipro WIT and Microsoft MSFT in June to roll out a joint solution that helps customers to drive business continuity by enabling remote work and productivity, while giving employees the flexibility to work from anywhere in a safe, secure and reliable manner.

The company also announced the extension of its Remote PC Access solution to the cloud and made it available as part of Citrix Desktop Essentials and Citrix Desktop Service. It has also introduced Citrix Analytics for Performance to aid IT administrators assess and address system performance concerns to boost employees’ efficiency.

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