Absolute Software, which provides a cloud-based device management and security platform, filed on Monday with the SEC to raise up to $65 million in a US initial public offering. The company is currently listed on the TSX (ABT) and has a market value of about $517 million (USD).
Absolute Software delivers a cloud-based service that supports the management and security of computing devices, applications, and data for a variety of organizations globally, focusing on education, healthcare, banking, and government customers. Thanks to partnerships with major global device OEMs, the company's technology is embedded in the firmware of laptop, desktop, and tablet devices providing IT and security personnel with connectivity, visibility, and control, whether a device is on or off the corporate network, and the ability to ensure mission critical applications remain healthy and deliver intended value. The company's technology is embedded in over a half-billion devices and currently serves more than 13,000 commercial customers with over 10.8 million activated licenses globally.
The Vancouver, Canada-based company was founded in 1993 and booked $105 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol ABST. Needham & Co. and Canaccord Genuity are the joint bookrunners on the deal. No pricing terms were disclosed.
