As per the terms of the agreement, shareholders of the Vancouver-based publicly-listed firm will be paid $11.5 per share in cash and the consideration represents a premium of 34% and 38% to the company’s closing price and 30-day volume-weighted average price, respectively, on 10 May 2023
Absolute Software, a Canada-based provider of self-healing and intelligent security solutions, has agreed to be acquired by funds affiliated with private equity investment firm Crosspoint Capital Partners in a deal with an enterprise value of around $870m.
As per the terms of the agreement, shareholders of the Vancouver-based publicly-listed firm will be paid $11.5 per share in cash.
The consideration from Crosspoint Capital represents a premium of 34% and 38% to Absolute Software’s closing price and 30-day volume-weighted average price, respectively, on 10 May 2023.
Following the closing of the deal, Absolute Software’s common shares will no longer be listed on any public market and will become a privately held company.
Established in 1993, Absolute Software provides a permanent digital connection that intelligently and dynamically employs transparency, control and self-healing capabilities to endpoints, applications, and network connections.
The firm assists its clients to bolster cyber resilience against the growing danger of ransomware and malicious attacks.
Absolute Software CEO and president Christy Wyatt said: “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.”
Through the acquisition, Crosspoint Capital aims to deliver significant cybersecurity expertise to support Absolute Software to strengthen its next phase of development.
Crosspoint Capital managing partner Greg Clark said: “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.”
The deal is expected to close in the second half of 2023, subject to security holder approval, court and regulatory approvals and other customary conditions.