Absolute Software Provides Update on the Company's Growth Plans
Vancouver, Canada: Oct. 24, 2012 /CNW/ – Absolute® Software Corporation("Absolute" or the "Company") (TSX: ABT), the leading provider of firmware-embedded, persistent endpoint security and management solutions, provided an update on business growth plans.
With the recent announcement of Absolute Manage 6.1.2 supporting OS X 10.8 Mountain Lion and the soon to be released Windows 8, as well as providing mission critical governance, risk management and compliance (GRC) capabilities with Computrace® 5.12, Absolute is positioned as a clear leader in the convergence of endpoint security and management. Using Absolute technology, customers are able to maintain visibility and control over all of their devices, regardless of platform, form factor and locale, to prove compliance and mitigate risk. Absolute will continue to strengthen its market leadership through innovative product development and, where appropriate, small acquisitions.
Absolute is confident that the Company has built a sales platform that is ready to support and effectively monetize tuck-in acquisitions. Absolute has already demonstrated success in this regard with its Absolute Manage product, growing sales five-fold since acquiring the product line in 2009.
In a recent interview, John Livingston, Chairman and CEO of Absolute Software commented on the Company's strategy with respect to acquisitions. Absolute has discussed its business strategy, including acquisitions, during prior earnings calls and in the Company's annual disclosure materials.
"Acquisitions will be an integral part of the growth strategy for Absolute over the course of the next 12-month period," stated John Livingston. "We are focused on targets valued at USD$25 million and less and will likely finalize a deal at the lower end of the range within the next 90 days."
For future acquisitions, Absolute will focus on opportunities in the US, as that is where the majority of the Company's customers are located. The Company targets small acquisitions that will leverage its firmware persistence position and create further competitive advantages, complement Absolute's many devices, one solution vision, and increase the Company's total addressable market, in a market ripe for disruption. Absolute plans to finance future acquisitions primarily with the Company's cash reserve.
Absolute's management and Board of Directors review opportunities and will execute a transaction only if they believe it is in the best interest of the Company and its shareholders. As such, there is no guarantee that the Company will prove successful in its acquisition strategy. Should Absolute make material progress on its acquisition strategy, the Company will update the market as appropriate.
Absolute empowers more than 12,000 customers worldwide to protect devices, data, applications, and users against theft or attack — both on and off the corporate network. With the industry’s only tamper-proof endpoint visibility and control solution, Absolute allows IT organizations to enforce asset management, security hygiene, and data compliance for today’s remote digital workforces. Absolute’s patented Persistence®technology is embedded in the firmware of Dell, HP, Lenovo, and 22 other leading manufacturers’ devices for vendor-agnostic coverage, tamper-proof resilience, and ease of deployment. See how it works atwww.absolute.comand follow us at@absolutecorp.
This press release contains forward-looking statements and financial outlook that involve risks and uncertainties. These forward-looking statements and financial outlook relate to, among other things, the expected performance, functionality and availability of the Company’s services and products, and other expectations, intentions and plans contained in this press release that are not historical facts. When used in this press release, the words “plan,” “expect,” “believe” and similar expressions generally identify forward-looking statements. These statements reflect the Company’s current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties, readers of the press release should understand that Absolute cannot assure them that the forward-looking statements and financial outlook contained in this press release will be realized. Furthermore, the forward-looking statements and financial outlook contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements and financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.