Copyright Star Tribune
The Twin Cities is losing another public company after Jamf Holdings, which manages Apple devices for other companies, is acquired by global investment firm Francisco Partners in a $2.2 billion deal. The companies say the investment will give Jamf more financial flexibility to allow faster growth, said John Strosahl, Jamf’s chief executive, in a news release. Shares of Jamf peaked four years ago, but have been trading below $26 a share since May 2022. Over the past year shares, they have traded in the range of $7.09 to $18. Shareholders of Jamf will get $13.05 a share in the deal announced Wednesday. As part of the deal announcement, the company canceled its quarterly earnings call and postponed releasing financial results until Nov. 10. Jamf is being acquired by Francisco Partners, a 20-year old global investment firm based in San Francisco. The firm has $55 billion in assets under management and has done more than 450 transactions, specializing in technology and technology-enabled businesses. “We have long admired Jamf and its commitment to providing customers with best-in-class products that are absolutely beloved in the Apple community,” said Brian Decker and Karl Shum, partners at Francisco, in the release. The Jamf board of directors has approved the deal, which is expected to close in the first quarter of 2026, depending on timing of certain closing conditions. The San Franciso-based private equity firm Vista Equity Partners is the largest shareholder of Jamf Holdings with 34% of outstanding shares and has agreed to the deal. “We’re proud to have partnered with Jamf through a transformative period that has solidified its leadership within the Apple ecosystem,” said Michael Fosnaugh, senior managing director for Vista and Jamf’s board chair. Jamf’s sales have grown significantly, more than doubling in the past five years but it has not yet turned a full-year profit. In 2024, the company lost $49 million on sales of $627.4 million. A Reuters news story in September said the Jamf was exploring possible transactions. “Having viewed Jamf as a potential acquisition candidate for some time, we are relatively unsurprised by the announcement,” wrote Rob Owens, an analyst with Piper Sandler, in a note to investors today. Renée Jones Schneider/The Minnesota Star Tribune Farmers are already feeling financial stress, but they hope a deal might alter what they fear is a shift that will result in permanent lower demand for U.S. soybeans.
