Apple enterprise support services provider Jamf this afternoon said it will acquire nine-year-old startup Wandera of San Francisco, a provider of cloud-based software for "zero trust" security, in what it said would "close the gap" between what consumers and what enterprise wants. Minneapolis-based Jamf will pay $350 million up-front, plus an additional $50 million to be paid in two installments later this year, for a total considration of $400 million, which will be financed with cash and debt, said Jamf. Simultaneously, Jamf reported Q1 revenue and profit that topped Wall Street's expectations, and an outlook that was higher as well. Jamf shares declined by 2% in late trading at $30.80. The acquisition of Wandera "will provide our customers a single source platform that handles deployment, Application Lifecycle Management, policies, filtering, and security capabilities across all Apple devices," said Jamf CEO Dean Hager in prepared remarks, "while delivering Zero Trust Network Access for all mobile workers."
Apple technology specialists Jamf this afternoon reported Q2 revenue and profit that both topped analysts' expectations, offered a revenue forecast for the current quarter higher as well, and hiked its year revenue outlook. Jamf shares were unchanged in late trading. CEO Dean Hager remarked, "Our strong preliminary results demonstrate balanced growth across our products, geographies and top industries, with particular strength in our Commercial business due to the improving operating environment." Added Hager, "This performance, along with strength in our add-on products, gives us confidence as we enter the second half of the year and begin to integrate the Wandera solutions into our platform." Hager was referring to the company's announcement in May it would buy zero-trust software maker Wandera for $400 million.
Technology makes the shift possible, but challenges abound. The move to remote work and education is giving Apple devices and Jamf, which makes software to manage Macs, iPads and iPhones in the enterprise, a nice lift. Jamf's first financial results as a public company highlighted strong growth as schools and universities as well as enterprises went remote during the COVID-19 pandemic. The company reported a second quarter net loss of $423,000, or break even on a per share basis, on revenue of $62.2 million, up 29% from a year ago. Non-GAAP earnings were a nickel a share.
Apple this afternoon reported fiscal Q1 revenue and profit beat analysts' expectations by a very wide margin, and said its sales growth should accelerate this quarter. Despite the big beat, Apple stock slipped lower in late trading. CEO Tim Cook remarked that the results "wouldn't have been possible without the tireless and innovative work of every Apple team member worldwide" and said the company was "gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season." Added Cook, "We are also focused on how we can help the communities we're a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States." Apple hosted a conference call to discuss the financial results with Wall Street analysts.
"We preserve the same Apple simplicity to do all kinds of functions, but we do it at a mass scale," says Jamf CEO Dean Hager. One of the best pieces of advice to young companies ever offered came from the late Jim Barksdale, who was chief executive at browser company Netscape Communications twenty years ago. Apple Silicon and the rise of ARMs: How changing Mac's processor could change the world Mac may not be Macintosh any more, but Apple's revival of an old idea suggests history may not have changed as much as we think. Asked what a company should do to build a big business, Barksdale told a group of analysts and reporters at a meeting in New York one day that a company should "find a parade and get in front of it." What he meant was that being at the forefront of a big, expanding market is sometimes all you need to make your sales shoot through the roof.