Welcome to our dedicated page for Absolute Software news (Ticker: ABST), a resource for investors and traders seeking the latest updates and insights on Absolute Software stock.
This page archives news coverage for Absolute Software Corp (ABST), a former cybersecurity company that specialized in self-healing endpoint security and IT asset management solutions. Absolute Software was acquired by Crosspoint Capital Partners in July 2023 and no longer operates as a publicly traded company on NASDAQ.
Before its acquisition, Absolute was known for its patented Persistence technology embedded in over one billion device firmware worldwide. The company served more than 15,000 enterprise and government customers requiring endpoint visibility and control across distributed workforces. Browse this historical news archive to understand the company's product developments, financial performance, and the events leading to its acquisition.
Key news topics covered include Absolute's endpoint security innovations, partnerships with device manufacturers, quarterly earnings announcements, recognition in cybersecurity industry reports, and the acquisition process by Crosspoint Capital Partners. This archive provides valuable context for understanding the company's position in the endpoint detection and response market before transitioning to private ownership.
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 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 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 (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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