Minneapolis-based Jamf files for $100M IPO
Minneapolis-based Jamf Holding Corp. has filed documents outlining an IPO for the maker of Apple device management software. Jamf had made a confidential filing with the U.S. Securities and Exchange Commission of its plans to go public in January. The company’s Tuesday filing with the SEC indicates that it’s looking to raise $100 million through an offering. That number is likely to change as the offering itself draws nearer.
The filing offers this overview of Jamf’s business: “We are the standard in Apple Enterprise Management, and our cloud software platform is the only vertically-focused Apple infrastructure and security platform of scale in the world. We help organizations, including businesses, hospitals, schools and government agencies, connect, manage, and protect Apple products, apps, and corporate resources in the cloud.”
Jamf was founded in 2002; Apple itself became a customer in 2010.
For 2019, the company reported $204 million in revenue, a 39 percent increase compared to the year before. At the same time, the company reported a net loss of $32.6 million for 2019, a 10 percent smaller net loss than the company saw in 2018.
For the first three months of 2020, Jamf reported revenue of $60.4 million, an increase of 37 percent compared to the first quarter of 2019. Jamf saw a net loss of $8.3 million for this year’s first quarter.
Per the filing, Jamf says “the principal purposes of this offering are to increase our capitalization and financial flexibility, create a public market for our common stock, and enable access to the public equity markets for us and our shareholders.”
The company believes that the Covid-19 pandemic has only increased demand for its products: “The Covid-19 pandemic has accelerated the need for solutions to empower remote work, distance learning and telehealth.”