Device management software provider Jamf is exploring a sale as weakness in its stock price makes it a prime takeover candidate for other companies, according to people familiar with the matter.
Jamf, which is backed by Vista Equity and has a market capitalization of roughly $1.4 billion, is working with investment bankers at Citigroup on the sale, said the people, who requested anonymity speaking about private deal deliberations. The company has been fielding offers from would-be suitors in recent months, they added.
Vista Equity, which owns 34 per cent of the company’s stock, is expected to exit its position in the company as part of Jamf’s sale, the people said.
Vista and Citi declined to comment, while Jamf did not respond to Reuters’ request for comment.
Minneapolis-based Jamf provides device management and security solutions for organizations enabling their IT teams to remotely connect and manage Apple devices such as MacBooks, iPads, and iPhones, at scale.
Though Jamf’s stock has been on an upswing since early August, it’s still down more than 40 per cent over the past year and about 59 per cent through Thursday’s close since its IPO debut at $26 per share in 2020 as the company struggled to find its path to profitability.
Jamf’s loss in the second quarter widened to $20.9 million, from $19.3 million during the same period last year. Still, its second-quarter earnings beat analysts’ expectations. The company’s revenue rose to $175.5 million, up about 15 per cent year-over-year, and it raised guidance for both the third quarter and the full year.
Vista Equity acquired a majority ownership of Jamf in 2017. In addition to exiting some of its position in Jamf in its IPO, Vista has completed three secondary stock sales and one private block sale, generating close to $1.3 billion in gross proceeds, according to public filings.
