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 Corporation (Nasdaq: ABST) reported its Q1 fiscal 2023 results, revealing revenue of $53.6 million, a 23% increase year-over-year. Adjusted Revenue surged 11% to $54.2 million. Despite a net loss of $9.5 million (up 25% from the previous year), cash flow from operations reached $15.2 million, a significant improvement. The Total ARR climbed to $215.7 million, marking a 15% annual growth. The company maintained its fiscal outlook steady and declared a quarterly dividend of CAD$0.08. Key product developments included partnerships enhancing security solutions.
The new report from 451 Research highlights the importance of Resilient Zero Trust security. Published by Absolute Software (NASDAQ: ABST), it emphasizes that integrating endpoint security, secure access, and network management is crucial for effective threat mitigation. Erik Hanselman, Principal Research Analyst, notes that organizations face numerous security challenges, including phishing and ransomware. The report underscores Absolute's unique capabilities in delivering self-healing solutions embedded in over 600 million devices, enabling rapid recovery from attacks.
Absolute Software (NASDAQ: ABST) announced the appointments of Jim Lejeal as Chief Financial Officer and Samir Sherif as Chief Information Security Officer. Lejeal, a seasoned financial strategist with experience from companies like Splunk and Rally Software, will lead global finance starting December 5, 2022. Sherif brings over 20 years of experience, previously serving at Citi and Imperva, and will manage all aspects of global security. Absolute remains a leader in self-healing security solutions, embedded in over 600 million devices.
Absolute Software has declared a quarterly dividend of CAD$0.08 per share, payable on November 25, 2022, to shareholders of record as of November 17, 2022. This dividend qualifies as an eligible dividend as per Canadian tax laws. Absolute Software, listed on NASDAQ and TSX under the symbol ABST, specializes in self-healing security solutions, protecting over 600 million devices. The company is recognized for its leadership in endpoint management and Zero Trust Networking, serving nearly 18,000 customers.
Absolute Software Corporation (NASDAQ: ABST) announces the release of its Q1 fiscal 2023 financial results on November 8, 2022, after market close. The results will be accessible on their website, SEDAR, and EDGAR. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss the results and business outlook, available via phone and live audio webcast.
Absolute Software is recognized as a leader in security solutions, embedded in over 600 million devices and serving nearly 18,000 customers.
Absolute Software has announced the resignation of President Matthew Schoenfeld, effective November 4, 2022, to pursue a new opportunity. Mark Grace, promoted from EVP to Chief Revenue Officer, will lead the company's growth and oversee all revenue-generating activities. Grace's extensive experience since joining in 2008 includes significant contributions to OEM partnerships, expanding the company's reseller program to over 1,100 partners. The leadership transition comes at a time of momentum for Absolute, known for its unique self-healing security solutions embedded in over 600 million devices.
Absolute Software (NASDAQ: ABST) announces the appointment of Alice Hansen as Chief Marketing Officer, aimed at supporting its growth and international expansion. Hansen brings extensive experience from leadership roles at major companies like Salesforce and Autodesk. Her focus will be on enhancing Absolute's marketing strategies and brand positioning in the cybersecurity sector. The company emphasizes its commitment to delivering resilient security solutions as demand increases in today's digital economy, with over 600 million devices utilizing its self-healing security solutions.
Absolute Software has been recognized as an Overall Leader in the 2022 Leadership Compass: Zero Trust Network Access report by KuppingerCole Analysts AG. This recognition highlights Absolute Secure Access for its capability to enhance user experience while ensuring robust protection for remote workers. The report assessed 13 competitors, focusing on product functionality, innovation, market presence, and financial position. With its firmware-embedded technology in over 600 million devices, Absolute aims to lead the secure access market amidst the growing demand for zero trust solutions.
Absolute Software (NASDAQ: ABST) has partnered with Trellix to enhance endpoint security for its Absolute Resilience customers. This collaboration integrates Trellix Endpoint Security with Absolute's patented Persistence technology, enabling an automated process to monitor and restore application performance without human intervention. With over 600 million connected devices, Absolute's solution aims to protect critical applications from disruptions, thus improving cybersecurity posture for organizations. This partnership is part of the company's broader strategy to offer a secure, resilient work-from-anywhere experience.
Absolute Software Corporation (Nasdaq: ABST) reported record revenue of $197.3 million for fiscal 2022, marking a 63% increase year-over-year. The company achieved a 17% growth in Enterprise and Government ARR. Despite strong revenue growth, a net loss of $24.5 million was recorded for the year. Adjusted EBITDA rose to $55.8 million, representing a 75% increase. The outlook for fiscal 2023 projects adjusted revenue between $241.5 million and $246.5 million, indicating growth of 14.8% to 17.1%.
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