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, TSX: ABST) held its annual general meeting on December 14, 2021, where all seven nominees for director were elected. Voting highlights show Lynn Atchison received 87.92% support, while Andre Mintz achieved 99.90% approval. Shareholders re-appointed Deloitte LLP as the auditor and approved a new Omnibus Equity Incentive Plan and a 2021 Employee Share Ownership Plan. These measures aim to enhance corporate governance and employee engagement, contributing to Absolute's position as a leader in self-healing Zero Trust solutions.
Absolute Software (NASDAQ: ABST) has launched Absolute Resilience for Student Devices, a new solution aimed at K-12 schools to enhance management of 1:1 device programs amidst hybrid learning. This offering assists IT teams in tracking, reporting, and recovering lost devices, addressing a 45% increase in device loss noted in recent reports. The MSRP is set at $49.95 per device for a 3-year term. With streamlined processes for compliance and efficient device management, this initiative aims to save educational institutions significant resources that can be redirected to enhancing student learning.
Absolute Software Corporation (NASDAQ: ABST) announced amendments to its Omnibus Equity Incentive Plan (OEIP) and 2021 Employee Stock Ownership Plan (2021 ESOP). The cap on common shares issued under these plans has been reduced from 9% to 8.8% of the total issued and outstanding common shares. Additionally, the OEIP's change of control clause has been updated for clearer treatment of awards during such events. The company's annual general meeting is scheduled for December 14, 2021, where shareholders will vote on the amended plans.
Absolute Software (NASDAQ: ABST) has announced its participation in the 2021 Raymond James Virtual Technology Investors Conference, scheduled for December 7, 2021. During this event, the company will engage in a fireside chat that will provide insights into its pioneering self-healing Zero Trust solutions. With over 16,000 customers, Absolute is recognized as a leader in ensuring cyber resilience for distributed workforces, embedded in more than half a billion devices globally. A live webcast and replay will be accessible on the company's Investor Relations website.
Absolute Software Corporation (ABST) reported strong growth in Q1 fiscal 2022, with revenue reaching $43.7 million, a 53% increase year-over-year, primarily due to the NetMotion acquisition. Adjusted Revenue rose to $49.0 million, marking a 72% increase. Total Annual Recurring Revenue (ARR) reached $187.4 million, a 68% year-over-year increase, with Enterprise and Government ARR up 92%. However, the company recorded a net loss of $7.6 million compared to net income in the previous year.
Guidance for fiscal 2022 adjusted revenue is increased to between $204.5 million and $207.5 million.
Absolute Software has launched the Application Persistence-as-a-Service (APaaS), enabling Independent Software Vendors (ISVs) to integrate self-healing application capabilities into their software. This innovation helps ensure the integrity of mission-critical applications amid increasing endpoint security challenges due to remote work.
Initial partners like Plurilock Security and Smart Eye Technology will use APaaS to maintain application performance. The service promises lower development costs and enhanced security, reflecting a strategic move to solidify Absolute's position in the Zero Trust security market.
Absolute Software (NASDAQ: ABST) will participate in the 11th Annual Needham Virtual SaaS 1x1 Conference on November 18, 2021. The company specializes in Endpoint Resilience solutions, offering a robust security platform that integrates self-healing capabilities across devices and applications. With more than 500 million devices under its management, Absolute Software provides essential insights into device health and security, making it a critical ally in the zero-trust security landscape.
Absolute Software (NASDAQ: ABST) will present at the TD Securities Virtual Technology Conference on November 15, 2021, at 2:50 PM ET. A live webcast and replay will be accessible via the Absolute Investor Relations website. The company specializes in Endpoint Resilience solutions, merging self-healing devices and applications to enhance security. With over half a billion devices, it delivers insights for a secure employee experience and efficient IT management in a zero-trust environment.
Absolute Software (NASDAQ: ABST) has achieved a significant milestone by integrating its Application Persistence capabilities with NetMotion's Zero Trust Network Access (ZTNA) products. This enhancement allows users to maintain resilient security controls that are immune to deletion or failure, crucial for remote work environments. With over 500 million endpoints utilizing Absolute's technology, the company aims to fortify its clients' security against ransomware threats. Recent innovations include the launch of DataExplorer and enhanced geolocation features to support enterprise security strategies.
Absolute Software (NASDAQ:ABST) has declared a quarterly dividend of CAD$0.08 per share, payable in cash on November 29, 2021. Shareholders of record by November 17, 2021 will receive this dividend, which qualifies as an eligible dividend under the Canadian Income Tax Act. This announcement reflects Absolute's commitment to returning value to its shareholders while maintaining its leadership in Endpoint Resilience solutions, which enhance device security and management in a zero-trust environment.
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