Absolute to be acquired by Crosspoint Capital Partners
Absolute Software has agreed to be acquired by venture capital firm Crosspoint Capital Partners in a deal with an enterprise value of $870 million.
Under the terms of the Arrangement Agreement, Absolute shareholders will receive $11.50 per Common Share in cash on completion of the Acquisition, corresponding to an enterprise value of approximately $870 million, inclusive of the debt.
The cash consideration represents a premium of 34% and 38% to the closing price and 30-day volume-weighted average price, respectively, of the Common Shares on the Nasdaq on May 10, 2023.
Crosspoint Capital is a team of world-class technology leaders, operators and investors who have dedicated their careers to building great companies.
Crosspoint brings significant cybersecurity expertise that will help drive the Company’s next phase of growth.
“In the modern remote and hybrid work environment, maintaining device integrity and protection is more difficult than ever,” said Greg Clark, Managing Partner of Crosspoint Capital Partners. “We are impressed with how Absolute has built upon its asset visibility and control heritage and expanded into solutions that provide endpoint resilience and the reliable access needed in today’s hybrid work environments. We look forward to partnering with Christy and the Absolute team as they continue to deliver highly differentiated solutions to the market.”
“For the past five years, our focus has been on creating the industry’s only truly self-healing security platform centered on resilience,” said Christy Wyatt, CEO of Absolute. “By partnering with Crosspoint, a proven cybersecurity investor with a track record in building growth companies, we are delivering immediate cash value to our shareholders, while positioning Absolute for an exciting future across all key stakeholders, including Absolute team members throughout the organization, our OEM partners and reseller network, and our more than 21,000 customers around the world.”
“This transaction with Crosspoint validates the attractive business and growth profile established by Christy and her team and delivers a solid return to the shareholders who have supported Absolute,” said Dan Ryan, Chairman of Absolute’s Board of Directors. “By partnering with a proven private software investor, Absolute will be in a stronger position both strategically and with respect to its capital structure to achieve its growth potential.”