Citrix Sets January Date For GoTo Spinoff

Citrix Systems said on Friday that it has set a date of January 20th, to spin out its "GoTo" family of service offerings. That business--headquartered in Santa Barbara--will become a separate subsidiary called GetGo, which will merge with a subsidairy of LogMeIn. The spinout will result in the distribution of shares of LogMeIn to current Citrix stockholders, currently .1718 of a share of LogMeIn common stock for each share of Citrix common stock owned by a shareholder. Citrix develops GoToMeeting, GoToMyPC, GoToAssist, and other related products as part of that business, all of which were originally created by ExpertCity in Santa Barbara. Citrix acquired ExpertCity in 2003. Citrix hasn't provided updated numbers, but recently had around 600 employees in the Santa Barbara area working on its GoTo products. The company has been talking about spinning out the GoTo business for a couple of years.