Absolute Software Announces Completion of Acquisition by Crosspoint Capital Partners
- The acquisition by Crosspoint Capital Partners, LP strengthens Absolute Software's position in the market and its ability to deliver the next generation of Resilience.
- Absolute Software's common shares will be delisted from the Toronto Stock Exchange and the Nasdaq Global Select Market, which may have a negative impact on the stock price.
Transaction enables the company to capitalize on the tailwinds of cybersecurity resilience and distributed workforces
On May 11, 2023, an affiliate of Crosspoint Capital and Absolute Software announced that they had entered into a definitive agreement pursuant to which an affiliate of Crosspoint Capital would acquire Absolute Software for
“We are very excited about this acquisition and working with Crosspoint Capital to further strengthen our unique position in the market and in delivering the next generation of Resilience,” said Christy Wyatt, Absolute President and Chief Executive Officer. “This acquisition is only possible because of the outstanding contributions from our employees, the support of our customers, and the powerful ecosystem of OEM partners around Absolute. I look forward to partnering with Crosspoint and to our next chapter as a privately held company with the support and expertise of the Crosspoint Capital team.”
“Protection of roaming assets is a core requirement of all cyber resilience initiatives. In the post pandemic world, assets loaded with controlled information and access privileges spend most of their time outside the security framework of corporate IT,” said Greg Clark, Managing Partner, Crosspoint Capital. “We expect a significant shift in budget allocation to address the increased risk associated with the new work paradigm, which we believe creates a lasting tailwind for Absolute Software’s core products. We are excited to partner with this outstanding company.”
Transaction Details
An affiliate of Crosspoint acquired all of the outstanding common shares of Absolute for
Advisors and Counsel
Perella Weinberg Partners served as Absolute’s financial advisor in connection with the Acquisition, with Raymond James Ltd. also providing financial advice to the Special Committee. Absolute’s legal advisors in connection with the Acquisition were Cooley LLP and Blake, Cassels & Graydon, LLP.
Ropes & Gray and Stikeman Elliott LLP acted as legal advisors, and Barclays acted as financial advisor, to Crosspoint.
About Absolute
Absolute Software is the only provider of self-healing, intelligent security solutions. Embedded in more than 600 million devices, Absolute is the only platform offering a permanent digital connection that intelligently and dynamically applies visibility, control and self-healing capabilities to endpoints, applications, and network connections - helping customers to strengthen cyber resilience against the escalating threat of ransomware and malicious attacks. Trusted by nearly 21,000 customers, G2 recognized Absolute as a Leader for the fourteenth consecutive quarter in the Summer 2023 Grid® Report for Endpoint Management and as a Leader for the fourth consecutive quarter in the Grid Report for Zero Trust Networking.
About Crosspoint
Crosspoint Capital Partners is a private equity investment firm focused on the cybersecurity, privacy and infrastructure software markets. Crosspoint has assembled a group of highly successful operators, investors and sector experts to partner with foundational technology companies and drive differentiated returns. Crosspoint has offices in
Early Warning Reporting
In connection with the arrangement described above, 1414364 B.C. LTD., an affiliate of Crosspoint and the purchaser for purposes of the arrangement, has filed an early warning report of Absolute under Absolute’ profile on SEDAR+. A copy of the early warning report can also be obtained by contacting Matthew MacKenzie at 1-650-530-2567. The address of 1414364 B.C. LTD. is 666 Burrard Street, Suite 1700,
View source version on businesswire.com: https://www.businesswire.com/news/home/20230727065122/en/
For more information:
Media Relations
Becki Levine
press@absolute.com
858-524-9443
Investor Relations
Joo-Hun Kim
IR@absolute.com
212-868-6760
Source: Absolute Software
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