According to sources familiar with the matter, Jamf, a provider of device management software, is exploring a sale. The company’s weakened stock price has made it an attractive takeover target for other firms.
The sources, who requested anonymity to discuss private deal deliberations, said that 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. The company has received offers from potential buyers in recent months.
Vista Equity, which owns 34% of Jamf’s stock, is expected to exit its position in the company as part of the sale.
Vista and Citi declined to comment on the matter, while Jamf did not respond to a request for comment from Reuters.
Based in Minneapolis, Jamf provides device management and security solutions that allow organizations’ IT teams to remotely connect and manage Apple devices like MacBooks, iPads, and iPhones on a large scale.
Despite a recent upswing since early August, Jamf’s stock is still down over 40% in the past year and about 59% since its IPO debut at $26 per share in 2020. The company has faced challenges in achieving profitability.
In the second quarter, Jamf’s loss widened to $20.9 million, compared to a $19.3 million loss during the same period last year. However, its second-quarter earnings surpassed analysts’ expectations. The company’s revenue increased to $175.5 million, up about 15% year-over-year, and it also raised its guidance for both the third quarter and the full year.
Vista Equity acquired a majority stake in Jamf in 2017. In addition to selling some of its shares in the IPO, Vista has completed three secondary stock sales and one private block sale, generating nearly $1.3 billion in gross proceeds, according to public filings.
