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Vista is looking to use its portfolio company Tibco as part of the transaction.
Citrix has been exploring options, including a potential sale.
Related Content: Why Citrix Systems Shares Failed To Impress Markets?
The investment firm and activist investor disclosed a stake in the company in 2015, arguing Citrix was suffering from poor execution and management and needed to simplify its business after a misguided buying spree.
As part of a settlement that year, Jesse Cohn, an Elliott partner, joined the Citrix board, where he remained until 2020.
Citrix previously tried to sell itself in 2017, but discussions with potential buyers, including Bain Capital and Thoma Bravo, stalled due to valuation concerns.
Price Action: CTXS shares traded higher by 7.59% at $90 in the premarket session on the last check Tuesday.
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