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Software Maker for Apple Devices Jamf Files Confidentially for IPO

Liana Baker, Mark Gurman and Kiel Porter

(Bloomberg) -- Jamf Software LLC, which makes tools for enterprises to manage Apple Inc. devices, has filed confidentially for an initial public offering, according to people familiar with the matter.

Jamf, backed by the buyout firm Vista Equity Partners, will seek to be valued at about $3 billion in a listing, said one of the people, who asked not to be identified because the matter was private.

The Minneapolis-based company’s software provides enterprise and security functionality for Apple products for use in business, education and government.

Jamf makes MDM -- mobile device management -- software that lets organizations manage large numbers of iPhones, Macs, Apple TVs, and iPads. The software, for example, allows a company update the software on all of its Apple devices at the same time.

Jamf Chief Executive Office Dean Hager declined to comment on the company’s plans. A representative for Vista also declined to comment.

The software company is working with banks including Goldman Sachs Group Inc. on the listing, the people said. A representative for Goldman declined to comment.

The company’s filing with the U.S. Securities and Exchange Commission hasn’t been made public and its plans could change, the people said. An IPO could go ahead this year, though the timing hasn’t been set, they said.

Apple Ecosystem

A public offering by Jamf would be one of the first for a software maker that’s mostly within the Apple ecosystem. It could also further propel what has been a healthy segment for IPOs. Shares of the 20 software companies that went public in the U.S. last year are up 45% compared with an increase of 28% overall, according to data compiled by Bloomberg.

Jamf’s products are used to manage more than 15 million Apple devices, according to its website. Jamf said it has 35,000 customers and 1,000 employees in 10 countries.

Jamf sells its products on a subscription basis and had revenue of about $220 million in 2019, one of the people said.

Its major customers include SAP SE and Salesforce.com Inc., according to its website. The company works closely with Apple to develop its software, which is compatible with Apple’s own device management tools.

Vista acquired a majority stake in Jamf for undisclosed terms in 2017.

To contact the reporters on this story: Liana Baker in New York at lbaker75@bloomberg.net;Mark Gurman in Los Angeles at mgurman1@bloomberg.net;Kiel Porter in Chicago at kporter17@bloomberg.net

To contact the editors responsible for this story: Alistair Barr at abarr18@bloomberg.net, ;Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha

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