Absolute Completes Sale of Absolute Manage and Absolute Service
Vancouver, Canada: October 5, 2015 – Absolute® Software Corporation (TSX: ABT) the industry standard for persistent endpoint security and data risk management solutions, today announced the completion of the sale of Absolute Manage and Absolute Service to HEAT Software for approximate total gross proceeds of USD$11.0 million, including customary closing adjustments.
Absolute intends to use the proceeds from the transaction for general corporate purposes. Following the completed divestiture, Absolute and HEAT Software will begin to transition Absolute Manage and Absolute Service customers, and certain assets and operations.
“With the divestiture complete, we can now singularly focus on our core information security technology, the long-term growth driver for our business,” said Geoff Haydon, chief executive officer, Absolute. “We selected HEAT Software because of its commitment to support the Manage and Service technology and customer base. We look forward to working with HEAT Software to ensure a seamless transition.”
About HEAT Software
HEAT Software is a leading provider of Hybrid Service Management and Unified Endpoint Management software solutions for organizations of all sizes. With its suite of applications, HEAT Software is the only company in the world that provides, from a single platform, Service Management and Unified Endpoint Management software on-premise and in the cloud. HEAT manages millions of service interactions and millions of endpoints every day for thousands of leading organizations across IT, HR, Facilities, Finance, Customer Service and other enterprise functions. Its customers deliver world-class service while maximizing operational efficiencies with reduced cost and complexity. For more information, visit www.heatsoftware.com.
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and data risk management solutions. Persistence® technology from Absolute provides organizations with visibility and control over all of their devices, regardless of user or location. If an Absolute client is removed from an endpoint, it will automatically reinstall so IT can secure each device and the sensitive data it contains. No other technology can do this. Persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Microsoft, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute, visit www.absolute.com.
©2015 Absolute Software Corporation. All rights reserved. Absolute and Persistence are registered trademarks of Absolute Software Corporation. For patent information, visit www.absolute.com/patents. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected proceeds and value to Absolute and the anticipated benefits to Absolute by entering into the Agreement, each of which 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 our 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 you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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