Crosspoint Capital acquires Canadian cybersecurity firm Absolute Software for $657 million
Crosspoint Capital has reached an agreement to acquire Vancouver, Canada-based-based Canadian cybersecurity firm Absolute Software in a deal valued at $657 million.
In an announcement on Thursday, Absolute Software said that it had accepted a private acquisition offer from Crosspoint Capital Partners for $657 million. In recent years, private equity firms have shown interest in including cybersecurity companies in their portfolios because the sector is considered to be robust during an economic downturn.
As part of the deal, Absolute Software shareholders will be given $11.5 per share in cash, which is a 34% increase on the stock’s last closing price. The agreement is valued at $870 million, including debt.
Founded 25 years ago, Absolute Software is a cybersecurity company that provides endpoint security and management solutions to businesses through its cloud-based platform called Absolute Endpoint Management. The platform enables organizations to remotely monitor, manage, and secure their devices, ensuring they are always up-to-date with the latest security patches and policies. Apart from endpoint management, Absolute Software also provides device and data security, asset tracking and recovery, and compliance reporting services.
The company caters to a wide range of industries like education, healthcare, finance, and government, and has a global presence with offices in North America, Europe, and Asia-Pacific. Its clients include Fortune 500 companies, government agencies, and educational institutions, and the company has won several industry awards for its products and services.