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 and BlackBerry have partnered to enhance endpoint security for mutual customers, integrating CylancePROTECT with Absolute's Application Persistence capabilities. This collaboration aims to ensure that security applications remain operational, self-healing, and resistant to attacks. The technology, already embedded in over 500 million devices, allows for automatic monitoring and repair without human intervention. BlackBerry's solutions are recognized for their effectiveness in preventing cyber threats, reinforcing the commitment to safeguarding sensitive data.
Absolute Software (NASDAQ: ABST) has unveiled a report highlighting the increased security risks faced by organizations adapting to a hybrid work environment. The report indicates a significant 18% rise in the average number of locations from which devices connect, with 16% of devices unencrypted. It emphasizes the need for enhanced security measures, revealing that devices without self-healing capabilities showed compliance rates as low as 27%. The report concludes with recommendations for adopting a resilient Zero Trust security approach to protect remote access.
Absolute Software (NASDAQ: ABST) has been recognized as a Representative Vendor in Gartner's 'Market Guide for Zero Trust Network Access' (ZTNA). This acknowledgment highlights Absolute's ZTNA product, formerly known as NetMotion, amidst increasing demand for secure, hybrid workforce solutions. Gartner reports a 60% year-over-year growth in the ZTNA market, reinforcing the significance of endpoint security. Christy Wyatt, President and CEO, emphasized the importance of self-healing endpoint security in today's cyber landscape, signifying Absolute's commitment to their customers’ security needs.
Absolute Software Corporation (Nasdaq: ABST) reported a record $17 million in cash from operations for Q3 FY2022, with total ARR surpassing $200 million, marking a 68% year-over-year growth. Revenue reached $52 million, up 69% from Q3 FY2021. However, the company posted a net loss of $6.5 million, a significant decline from a net income of $2.2 million a year prior. The Enterprise and Government ARR grew by 101%, while total net dollar retention was 107%. The updated outlook for full-year adjusted revenue is $209.5 to $210.5 million, reflecting a growth of about 14.9% to 15.4%.
Absolute Software (NASDAQ: ABST) will host a fireside chat at the 17th Annual Needham Technology & Media Conference on Tuesday, May 17, 2022, at 11:00 AM Eastern Time. The event will be accessible via live webcast, with a replay available on Absolute's Investor Relations website. Known for its self-healing endpoint and secure access solutions, Absolute supports over 16,000 customers, providing robust zero trust security for distributed workforces. The company is recognized as a leader in Zero Trust Networking and Endpoint Management by G2 in Winter 2022.
Absolute Software has declared a quarterly dividend of
Absolute Software (NASDAQ: ABST) has introduced the Absolute Ransomware Response, a solution designed to bolster organizations' preparedness against ransomware threats. This offering allows companies to enhance their endpoint recovery strategies and assess their current cyber hygiene. Key features include assessing security readiness, establishing application resilience, monitoring device security, and facilitating quicker recovery from attacks. With ransomware attacks expected to escalate significantly, this new service aims to provide essential tools for managing and mitigating risks effectively.
Absolute Software (NASDAQ: ABST) will release its Q3 fiscal 2022 financial results on May 10, 2022, after market close. The results will cover the quarter ending March 31, 2022. Financial statements and management discussions will be available on absolute.com, SEDAR, and EDGAR. A conference call will occur on the same day at 5:00 PM ET to discuss these results and the business outlook. The call can be accessed by dialing the provided numbers or via the Absolute Investor Relations website.
Absolute Software has announced significant enhancements to its Secure Access product portfolio, including a self-healing Zero Trust Network Access (ZTNA) client and an improved deployment architecture. These updates aim to minimize risk exposure while optimizing user experience for remote work. The enhancements, validated by a successful customer beta test, include dynamic re-authentication and expanded network intelligence. With these innovations, Absolute strengthens its position in the growing ZTNA market, catering to increasingly flexible work environments.
Absolute Software (NASDAQ: ABST) has launched new product innovations, including the Absolute Insights for Endpoints add-on and enhancements to its Secure Access solution. These updates enable organizations to track and analyze critical performance metrics across endpoints, users, applications, and networks. The tools provide IT and security administrators with historical intelligence essential for managing device fleets, enforcing security policies, and optimizing remote work. Recent research indicates that over 54% of organizations struggle with managing risks due to insufficient technological tools, emphasizing the importance of these innovations.
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