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Jamf, Software Maker for Apple Users, Plans Up to $304M IPO

Jamf Holding, which provides security software to Apple users, plans to go public at $17 to $19 a share, raising $272 million to $304 million.
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Jamf Holding, an Apple  (AAPL) - Get Free Report Enterprise Management software provider, said Tuesday that it would go public, selling 16 million shares at $17 to $19 each and raising $272 million to $304 million.

The company is offering 13.5 million shares and current holders are offering 2.5 million.

After the offering, funds controlled by the Austin private-equity firm Vista Equity Partners will hold 77% of Jamf, or 74.9% if the underwriters exercise their option to buy more shares.

The underwriters have an option to buy 2.4 million more shares from the selling holders. 

“As a result, we expect to be a 'controlled company’ within the meaning of the corporate governance standards of the Nasdaq Global Select Market,” Jamf said.

Funds from the IPO will go toward repaying a term loan and for general purposes.

The Minneapolis company has applied to list on Nasdaq under the ticker JAMF. A total of 12 banks are underwriting the IPO, led by Goldman Sachs, JPMorgan, Bank of America Securities and Barclays.

The company explained its business: "We help organizations, including businesses, hospitals, schools and government agencies, connect, manage and protect Apple products, apps and corporate resources in the cloud without ever having to touch the devices. 

"With Jamf's software, Apple devices can be deployed to employees brand new in the shrink-wrapped box, set up automatically and personalized at first power-on and administered continuously throughout the life of the device."

Jamf says it generated $225 million of recurring revenue in the year ended March 31. It has more than 40,000 customers in more than 100 countries. It has a net retention rate of 120% and more than 100,000 community members.

For the 2020 first quarter, Jamf posted a loss of $8.3 million, or 8 cents a share, narrowed from $9 million, or 9 cents, in the year-earlier quarter. Revenue rose 37% to $60.4 million from $44.1 million.

As for Jamf’s risk factors, "concern over the impact of covid-19 has delayed the purchasing decisions of certain prospective Jamf customers and/or caused them to consider purchases in smaller volumes than originally anticipated. 

"While governmental authorities have taken measures to try to contain the covid-19 pandemic, there is considerable uncertainty regarding such measures and potential future measures. 

"There is no certainty that measures taken by governmental authorities will be sufficient to mitigate the risks posed by the covid-19 pandemic, and our ability to perform critical functions could be harmed."