SaaS provider Absolute Software files for a $65 million US IPO

Absolute Software, which provides a cloud-based device management and security platform, filed on Monday with the SEC to raise up to $65 million in a US initial public offering. The company is currently listed on the TSX (ABT) and has a market value of about $517 million (USD). 

Absolute Software delivers a cloud-based service that supports the management and security of computing devices, applications, and data for a variety of organizations globally, focusing on education, healthcare, banking, and government customers. Thanks to partnerships with major global device OEMs, the company's technology is embedded in the firmware of laptop, desktop, and tablet devices providing IT and security personnel with connectivity, visibility, and control, whether a device is on or off the corporate network, and the ability to ensure mission critical applications remain healthy and deliver intended value. The company's technology is embedded in over a half-billion devices and currently serves more than 13,000 commercial customers with over 10.8 million activated licenses globally.

The Vancouver, Canada-based company was founded in 1993 and booked $105 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol ABST. Needham & Co. and Canaccord Genuity are the joint bookrunners on the deal. No pricing terms were disclosed.

The article SaaS provider Absolute Software files for a $65 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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