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) announced findings from its report, ‘The Future of Work,’ revealing that less than 20% of organizations plan to adopt a fully in-person or remote model in 2022. The majority will embrace a hybrid work approach. IT leaders face challenges in managing security for distributed environments, with 54% citing inadequate technology tools as the main issue. The report emphasizes the need for zero trust access and monitoring for remote work. Other key findings include 42% of IT leaders concerned about risk management and nearly 60% of healthcare organizations lacking the right tools for compliance.
Absolute Software (NASDAQ:ABST) announced it will release its first quarter fiscal 2022 financial results on November 9, 2021, after market close. The company will host a conference call at 5:00 p.m. ET to discuss its results and business outlook. Financial statements and management discussions will be available on the company's website and filed on SEDAR and EDGAR. Absolute specializes in Endpoint Resilience solutions, offering a unique security platform embedded in over 500 million devices, providing essential capabilities in a zero-trust environment.
Absolute Software (NASDAQ: ABST) has announced that its NetMotion solution is a recognized leader in the Fall 2021 Grid® Report for Zero Trust Networking, published by G2. The platform scored 4.8 out of 5 based on customer feedback, with 97% of users giving it a 5-star rating. NetMotion excelled in customer satisfaction and quality of service, ranking alongside Zscaler and Pulse Secure. The solution aims to enhance security across various networks while improving user experience, signifying Absolute's commitment towards Endpoint Resilience.
Absolute Software (NASDAQ: ABST) has launched enhanced geolocation capabilities aimed at improving device and data security for enterprises and educational organizations. With increasing remote work, the company's solutions allow IT teams to monitor device locations, identify risks, and ensure compliance with security policies. A Forrester study revealed that 60% of firms are focused on automating data protection and 52% on device geolocation. Absolute’s platform, supporting over 500 million endpoints, aims to balance security needs with user privacy.
Absolute Software has announced significant leadership changes aimed at enhancing its innovation and growth strategy following its acquisition of NetMotion. John Herrema has been appointed Executive Vice President of Product & Strategy, while Joel Windels has been promoted to Chief Marketing Officer. Herrema brings over two decades of experience in enterprise mobility and security, and Windels has previously driven marketing success at NetMotion. The transition follows the departure of Ameer Karim and Sandra Toms, who contributed significantly to the company.
Absolute Software launched the Absolute DataExplorer tool to enhance endpoint data management for IT and security teams. This tool allows organizations to capture critical data aligned with specific business needs, fostering cost savings in device maintenance and compliance assurance. Designed for remote and hybrid work settings, it simplifies data capture and reporting, requiring no advanced coding skills. Initially available for Microsoft Windows, it leverages Absolute's firmware-embedded Persistence capabilities, supporting over 500 million endpoints worldwide.
Absolute Software (NASDAQ:ABST) released its third annual Endpoint Risk Report, revealing challenges K-12 education IT teams face due to increased device use for digital learning. The report shows a 74% surge in deployed devices from 2019 to 2020, with schools now the primary target for ransomware attacks, comprising 57% of reported incidents in late 2020. Key findings indicate that 47% of devices were located over 25 miles from schools, and only 53% of antivirus applications were effective. The report emphasizes the need for enhanced device management and security in the evolving education landscape.
Absolute Software Corporation (Nasdaq: ABST) reported strong financial results for Q4 and F2021, with Q4 revenue rising 17% to $31.8 million and full-year revenue increasing 15% to $120.8 million. However, the company faced a net loss of $3.0 million in Q4 compared to a profit of $2.2 million in the same quarter last year. The total Annual Recurring Revenue (ARR) reached $123.4 million, a 14% year-over-year growth. Looking ahead, Absolute forecasts adjusted revenue for F2022 between $203 million and $207 million, translating to an estimated growth of 11% to 13%.
Absolute Software Corporation (Nasdaq: ABST) announces the appointment of Andre Mintz to its Board of Directors effective August 5, 2021. Mintz brings over 30 years of experience in information security and cyber risk management. His extensive background includes leadership roles at reputable companies, such as Newport Group and Red Ventures, and positions in law enforcement and the US Air Force. Chairman Daniel Ryan highlighted Mintz's expertise as crucial for driving growth and addressing evolving cybersecurity challenges as the company aims to enhance its Endpoint Resilience solutions.
Absolute Software (NASDAQ: ABST, TSX: ABST), a leader in next generation Endpoint Resilience solutions, will present at the Oppenheimer 24th Annual Technology, Internet & Communications Conference on August 11, 2021, at 1:15 p.m. Eastern time. Additionally, the company will participate in a fireside chat at the Canaccord Genuity 41st Annual Growth Conference on August 12, 2021, at 11:00 a.m. Eastern time. Live webcasts of both events will be hosted on the Absolute Investor Relations website.
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