Welcome to our dedicated page for Absolute Software Corporation news (Ticker: ABST), a resource for investors and traders seeking the latest updates and insights on Absolute Software Corporation stock.
Absolute Software Corporation (NASDAQ: ABST, TSX: ABST) is the only provider of self-healing, intelligent security solutions. Embedded in more than 600 million devices globally, 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. The company specializes in protecting devices, data, applications, and users both on and off the network, thereby bridging the gap between security and IT operations.
Notably, Absolute’s patented Persistence® technology is embedded in the firmware of over a billion PC and mobile devices and is trusted by nearly 21,000 customers worldwide. This technology ensures that enterprises have actionable visibility to protect every endpoint, remediate vulnerabilities, and ensure compliance against insider and external threats. The company has also received recognition as a Leader for the fourteenth consecutive quarter in G2’s Summer 2023 Grid® Report for Endpoint Management and for the fourth consecutive quarter in the Grid Report for Zero Trust Networking.
Recently, Absolute expanded its Security Service Edge (SSE) solution with the launch of the Absolute Secure Web Gateway Service, optimized for hybrid and mobile work models. This new offering provides robust protections including multiple anti-virus scans, remote browser isolation, and data loss prevention. In addition, Absolute has been acknowledged by Forrester in its Q2 2023 Zero Trust Platforms Landscape report, emphasizing its capabilities to enhance visibility into enterprise assets and segmentation across distributed enterprises.
In terms of financial performance, Absolute reported a revenue of $58.8 million for Q3 F2023, representing a 13% increase compared to the same period in the previous fiscal year. The company has been showing strong financial resilience with its advanced security offerings.
In May 2023, Absolute entered into an acquisition agreement with Crosspoint Capital Partners, L.P., valuing the company at roughly $870 million. The acquisition was completed in July 2023, marking Absolute’s transition to a privately held company with the backing of Crosspoint’s expertise in cybersecurity and infrastructure software markets.
Absolute Software (NASDAQ: ABST) has declared a quarterly dividend of CAD$0.08 per share for its common shares. This dividend is payable on August 27, 2021, to shareholders of record by August 11, 2021. The dividends are eligible under subsection 89(14) of the Income Tax Act (Canada). As a leader in Endpoint Resilience™ solutions, Absolute Software provides a security platform embedded in over half a billion devices, offering critical capabilities in today’s digital landscape.
Absolute Software Corporation (Nasdaq: ABST) announced its plan to release financial results for the fourth quarter and full-year fiscal 2021 on August 10, 2021, after market close. The results will be accessible on Absolute’s website, SEDAR, and EDGAR. Additionally, a conference call is scheduled for the same day at 5:00 p.m. ET to discuss these results and the business outlook. The call will also be available for replay until August 17, 2021. Absolute Software is recognized for its Endpoint Resilience solutions, which enhance device security and connectivity.
Absolute Software Corporation (Nasdaq: ABST) has finalized its acquisition of NetMotion Software for approximately USD$340 million, funded by $65 million in cash and a $275 million term loan. This strategic move aims to enhance Absolute's Endpoint Resilience™ solutions by integrating NetMotion's connectivity and security platform, meeting the growing demand for secure remote work. Expected benefits include a strengthened competitive position in Zero Trust and ZTNA markets, an enterprise-grade VPN solution, and improved data collection capabilities for remote management.
Absolute Software (NASDAQ: ABST, TSX: ABST) has announced the appointment of Edward Choi as Senior Vice President of Global Alliances. Choi aims to expand market opportunities for the company's Persistence-as-a-Service business and forge strategic partnerships with leading technology service providers. He has over 20 years of experience, previously leading mobile alliances at Samsung. Choi's successful collaboration with IBM generated over $200 million in revenue. Absolute is recognized for its Endpoint Resilience solutions, ensuring critical applications remain operational and secure.
Absolute Software has appointed Matt Schoenfeld as the new Chief Revenue Officer, effective mid-June 2021. Schoenfeld, with over 20 years in sales leadership within the cybersecurity and enterprise SaaS sectors, will oversee all revenue-generating operations. He previously held significant roles at FireEye, VMware, and DynamicOps. Current Chief Commercial Officer Sean Maxwell will remain until the fiscal year-end on June 30, 2021, before departing. The leadership change aims to leverage momentum from increased demand for Endpoint Resilience solutions and the upcoming acquisition of NetMotion.
Absolute Software (NASDAQ: ABST) has released its third annual Endpoint Risk Report, highlighting key trends in enterprise data security. Notably, ransomware attacks surged by over 150% in 2020, driven by pandemic-related disruptions. The report reveals that one in four devices lacked effective security controls, raising concerns about vulnerabilities in remote work settings. CEO Christy Wyatt emphasizes the importance of robust endpoint security, stating that the company’s Application Persistence service boosts security control effectiveness by 21% compared to others. The findings call for improved security measures across enterprises.
Absolute Software has signed a definitive agreement to acquire NetMotion Software for USD $340 million in cash. This acquisition aims to enhance Absolute's Endpoint Resilience™ solutions by integrating NetMotion's secure remote access platform, which supports over 3,000 organizations and boasts a Net Promoter Score of 91. The merger is expected to give Absolute a strong foothold in the Zero Trust and SASE markets, improving overall security capabilities and user experience for remote workers. The transaction is anticipated to close by the end of June 2021.
Absolute Software Corporation (NASDAQ: ABST) reported Q3 fiscal 2021 results with total revenue of $30.7 million, an 18% increase from Q3 fiscal 2020. However, net income decreased by 1% to $2.2 million. Total annual recurring revenue (ARR) rose 19% to $120.4 million, driven by a 35% increase in the Education sector. The company announced plans to acquire NetMotion Software to enhance Endpoint Resilience capabilities. Absolute also raised its fiscal 2021 revenue outlook to $119 million to $120 million, reflecting a growth forecast of 14% to 15%.
Absolute Software (NASDAQ: ABST) will participate in a fireside chat at the 16th Annual Needham Virtual Technology & Media Conference on May 17, 2021, at 12:45 PM ET. The event will be accessible via a live webcast and replay on the Absolute Investor Relations website. As a leader in Endpoint Resilience solutions, Absolute provides essential connectivity, visibility, and control for IT and security organizations, ensuring Self-Healing Endpoint security across devices.
Absolute Software (NASDAQ: ABST) announced its participation in the CIBC Virtual Technology and Innovation Conference 9.0 on May 13, 2021, at 1:15 PM ET. The event is exclusive to CIBC Capital Markets’ institutional clients, with a live webcast available on the Absolute Investor Relations website. As a leader in Endpoint Resilience solutions, Absolute Software provides a unique undeletable defense platform that connects over half a billion devices, ensuring visibility and control for IT and Security organizations.
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