Absolute Software, which provides a cloud-based device management and security platform, raised $60 million by offering 5.5 million shares at $11, below its previous close of $12.00 (C$15.90) on the TSX. At pricing, the company commands a fully diluted market value of $559 million.
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. 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.
Absolute Software plans to list on the Nasdaq under the symbol ABST. Needham & Co., Canaccord Genuity and Raymond James acted as joint bookrunners on the deal.
The article SaaS provider Absolute Software prices downsized US IPO at $11 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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