Absolute Software Corporation

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Absolute Software Corporation
Company type Private
Industry endpoint security and zero trust security
Founded1993;31 years ago (1993)
Headquarters Vancouver, British Columbia, Canada
Key people
Christy Wyatt (CEO)
Jim Lejeal [1] (CFO)
Mark Grace (CRO)
Nicholas van Someren (CTO) [2]
RevenueUS$197.3 million (2022) [3]
OwnerCrosspoint Capital Partners (2023–present)
Website www.absolute.com

Absolute Software Corporation is an American-Canadian company that provides products and services in the fields of endpoint security and zero trust security. [4] [5] It was publicly traded company on the Toronto Stock Exchange (TSX) [6] and Nasdaq [7] until it was acquired by Crosspoint Capital Partners in July 2023. [8]

Contents

The company is headquartered in Vancouver, British Columbia, Canada. Regional offices include: Victoria, British Columbia, Canada; Austin, Texas; Ankeny, Iowa; Boulder, Colorado; San Jose, California; and Seattle, Washington in the U.S.; and in Reading, UK; and Ho Chi Minh City, Vietnam.

History

Founded in 1993 in Vancouver, British Columbia, Canada, Absolute developed a product to manage, track and secure computers regardless of the physical location of devices. In 2000, Absolute became a publicly traded company on the Toronto Stock Exchange (TSX).

In 2005, Persistence technology by Absolute was embedded for the first time into the firmware or BIOS of a computer. This was the start of an ongoing partnership with most major original equipment manufacturers (OEMs) where Absolute technology ships with the hardware from the factory.

In 2007, Microsoft awarded Absolute gold certified partner status in the Microsoft Partner Ecosystem. [9]

Absolute's office in Europe was first established in November 2006, in Newbury, UK. [10] In July 2009, a second regional office was opened in Austin, Texas, to serve as a base for Absolute's U.S.-based sales team. [11]

In December 2009, Absolute announced its acquisition of the LANrev product suite, a computer systems management software application, from Pole Position Software. [12] Following the acquisition, the product suite was rebranded as Absolute Asset Management, and eventually renamed as Absolute Manage.

In November 2012, Absolute acquired the assets of LiveTime Software, a privately held helpdesk and IT Service Support Management (ITSSM) provider. [13] LiveTime assets were officially relaunched as part of Absolute's expanded product suite in January 2013 as Absolute Service, an IT Service Management (ITSM) tool. Absolute Service received PinkVERIFY ITIL 3 Certification from Pink Elephant. [14]

In June 2013, Absolute acquired Palisade Systems, a privately-held provider of data loss prevention (DLP) technologies. [15] In October, the firm launched a student and device protection initiative called Absolute Safe Schools, which educates students and staff of participating schools on the safe use of mobile devices and provides assistance in the event of device loss and theft. [16]

In December 2013, John Livingston stepped down as chief executive officer and as a member of the board of directors at Absolute. [17] On June 13, 2014, Geoff Haydon was appointed CEO and director . [18] [19]

Absolute renamed Computrace to Data and Device Security (DDS) [20] and refocused its business model in 2015. [21] The company sold its Absolute Manage and Absolute Service products to HEAT Software in October 2015. [22] [23]

On November 2, 2018, Christy Wyatt was appointed CEO and director. [24] She was named “New CEO of the Year” by the Globe and Mail in 2020. [25] [26] Business and technology news organizations have interviewed Wyatt on cyber security topics including ransomware, the zero trust security model, and the trend toward remote work during the COVID-19 pandemic. [27] [28]

In May 2023, Absolute Software announced it would be acquired by Crosspoint Capital Partners for $657 million. [29] The acquisition was completed in July 2023, and the company (ticker symbol ABST) delisted from both the TSX and NASDAQ exchanges. [30]

In September 2024, Absolute announced the acquisition of Syxsense, an endpoint and vulnerability management provider based in Costa Mesa, CA. [31]

Products and services

The Absolute software platform, formerly known as Data and Device Security (embedded into firmware of most computers, tablets, and smartphones at the factory), [32] consists of several components organized into three product lines: Secure Endpoint, Secure Access, and Application Persistence-as-a-Service. [33]

The Secure Endpoint line enables users to monitor and address laptop problems. Its components include Absolute Visibility, Absolute Control, and Absolute Resilience. [34] The company added Absolute Ransomware Response in April 2022. [35]

The Secure Access line provides network connectivity for users to gain access to resources in the cloud, private data centers, or on-premises. [36] [37] These products allow users to transition to a zero trust approach. [36] The line includes Absolute VPN, [38] Absolute ZTNA, [39] [40] and Absolute Insights for Network. [37] [41]

In November 2021, [42] Absolute launched the Application Persistence-as-a-Service (APaaS) product line. [43]

A core component of all three lines is Absolute Persistence, which allows always-on connection to the endpoint. Furthermore, the products' "self-healing" client can reinstall itself if tampered with. [44] [32] Persistence technology is embedded in more than half a billion devices. [45]

Partnerships

Absolute has partnerships with various (OEMs) worldwide, embedding its Persistence technology directly into device firmware during production. Notable OEM partners include Dell, Lenovo, Hewlett-Packard, and Samsung. [45] Dell, an early customer of Absolute, later became a supplier. Kevin Peesker, President of Dell Canada, noted that Dell's scalable infrastructure has supported Absolute's global growth and operational efficiency from its Vancouver base. [32]

Absolute has partnerships with resellers, distributors, and regional partners, including companies such as CDW, PCM, Insight, and InTechnology.

In addition, Absolute collaborates with operating system providers, chipset manufacturers, and security companies to develop complementary technologies and services. Other alliance partners include Advanced Micro Devices (AMD), Qualcomm, Verizon, and Follett.

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References

  1. ↑ "Absolute hires Samir Sherif as CISO and Jim Lejeal as CFO". HelpNet Security. 2022-11-01. Retrieved 2023-01-12.
  2. ↑ Yahoo Finance
  3. ↑ "Absolute Software Reports Fourth Quarter and Full-Year Fiscal 2022 Financial Results". Businesswire (Press release). Absolute Software Corporation. August 23, 2022.
  4. ↑ "Absolute Software Corp". Reuters.
  5. ↑ "Absolute Enables Customers' Shift to Work-from-Anywhere With the Industry's First Self-Healing Zero Trust Platform". VMblog.com. October 27, 2021.
  6. ↑ "Absolute Software: Product Overview and Analysis". August 2018.
  7. ↑ "Absolute Software Corporation (ABST) Earnings Expected to Grow: Should You Buy?". nasdaq.com. November 2, 2021.
  8. ↑ "Absolute Software Announces Completion of Acquisition by Crosspoint Capital Partners". Absolute Software. Retrieved 2023-12-13.
  9. ↑ "Stolen PCs using Net to secretly cry for help". The Baltimore Sun . 20 August 2001. Retrieved 30 December 2023.
  10. ↑ "Gartner Report Rates Absolute Software in 2014 Critical Capabilities for Client Management Tools." Professional Services Close-Up, 17 Aug. 2014. Gale OneFile: Business, link.gale.com/apps/doc/A378698574/ITBC
  11. ↑ "Absolute Software Opens Austin Headquarters". Texas Tech Pulse. 13 July 2009. Retrieved 28 October 2015.
  12. ↑ John Cook: “Canadian Start-Ups Moving South of Border in Search of Cash, Staff” Seattle Post-Intelligencer, April 21, 2000 Page: D1.
  13. ↑ Preimesberger, Chris (6 November 2012). "Absolute Software to Acquire LiveTime for IT Help Desk". eWeek. Retrieved 29 October 2015.
  14. ↑ “Absolute Software Largest IPO on New Exchange.” Vancouver Sun, March 29, 2000. p. C8.
  15. ↑ Preimesberger, Chris (25 June 2013). "Absolute Software Buys Palisade, Bolsters Device Security App". eWeek. Retrieved 29 October 2015.
  16. ↑ "The Absolute Safe Schools Program". Software Magazine. February 2014. Retrieved 29 October 2015.
  17. ↑ Bennet, Nelson (10 December 2013). "Absolute Software CEO retiring, plans to become startup mentor". Business in Vancouver. Retrieved 29 October 2015.
  18. ↑ Musanelli, Michael (16 June 2014). "Geoff Haydon Steps in as Absolute Software CEO". The VAR Guy. Archived from the original on 4 March 2016. Retrieved 29 October 2015.
  19. ↑ Dixon, Guy (2 March 2015). "Security software firm's key to success: an open-door workplace". The Globe and Mail. Retrieved 29 October 2015.
  20. ↑ Cox, Mark (10 August 2015). "Absolute drops Software from name, Computrace from branding". ChannelBuzz. Retrieved 29 October 2015.
  21. ↑ "Absolute Software inspires confidence as it focuses business." Globe & Mail [Toronto, Canada], 27 Aug. 2015, p. B9. Gale OneFile: Business, link.gale.com/apps/doc/A426767250/ITBC Accessed 12 Jan. 2022.
  22. ↑ Waddell, Nick (18 July 2015). "Absolute Software selloff is overdone, says Haywood". Cantech Letter . Archived from the original on 26 October 2015. Retrieved 29 October 2015.
  23. ↑ "Absolute Completes Sale of Absolute Manage and Absolute Service" (Press release). Absolute. 5 October 2015. Retrieved 29 October 2015.
  24. ↑ "ABT.CA Company Profile & Executives - Absolute Software Corp. - Wall Street Journal". www.wsj.com. Archived from the original on 2 September 2020. Retrieved 19 April 2022.
  25. ↑ Castaldo, Joe (24 November 2020). "New CEO of the Year: Christy Wyatt's focus on customers turned Absolute Software's fortunes around". The Globe and Mail.
  26. ↑ "Radio interview with Christy Wyatt". WBCF. February 9, 2022.
  27. ↑ "Building a resilient cybersecurity program is like having another IT person: Absolute Software CEO". BNN Bloomberg. August 29, 2022.
  28. ↑ "Radio interview with Christy Wyatt". WBCF. March 28, 2022.
  29. ↑ "Canada's Absolute Software to be bought by Crosspoint Capital for $657 mln". Reuters. 2023-05-11. Retrieved 2023-05-11.
  30. ↑ "Absolute Software Announces Completion of $1.15 Billion Acquisition by Crosspoint Capital Partners". BC Technology. 2023-08-01. Retrieved 2024-09-07.
  31. ↑ Novinson, Michael (2024-09-06). "Absolute Purchases Syxsense to Tackle Cyber Vulnerabilities". Data Breach Today. Retrieved 2024-09-07.
  32. 1 2 3 Shaw, Gillian (27 August 2015). "Absolute Software's edge is 'persistence' technology". Vancouver Sun. Archived from the original on 1 September 2018. Retrieved 29 October 2015.
  33. ↑ "Faddis: With a strengthening dollar, investors should avoid loss-making growth stocks". CNBC. August 30, 2022.
  34. ↑ "Absolute's geolocation capabilities enable organizations to strengthen device and data security". Help Net Security. September 28, 2021.
  35. ↑ Hill, Michael (April 19, 2022). "Absolute Software launches ransomware response offering to accelerate endpoint recovery". CSO.
  36. 1 2 "Absolute Software Acquires NetMotion". Dark Reading (Press release). May 17, 2021.
  37. 1 2 "Osborne Clarke partners with NetMotion to provide seamless user experience and secure remote access". Legal IT Professionals. February 10, 2021.
  38. ↑ Windels, Joel (July 27, 2020). "Turning the humble VPN into a hot ticket item". Tech Radar.
  39. ↑ Lewis, Achi (October 27, 2020). "Why Does the Software Defined Perimeter (SDP) Matter?". Info Security Magazine.
  40. ↑ Lemos, Robert (July 13, 2020). "Zero-Trust Efforts Rise with the Tide of Remote Working". Dark Reading.
  41. ↑ "Absolute Software Unveils Advances in Resilient Zero Trust Security" (Press release). MarTech Series. April 8, 2022.
  42. ↑ "Absolute releases Application Persistence-as-a-Service to strengthen their mission-critical apps". Help Net Security. November 10, 2021.
  43. ↑ Hersey, Frank (November 11, 2021). "Biometrics providers deploy Absolute Software technology for 'self-healing' applications". Biometric Update.
  44. ↑ "Absolute Software Unveils Advances in Resilient Zero Trust Security". VMBlog. April 7, 2022.
  45. 1 2 "Spotlight on Absolute Software". BCTIA. 7 April 2015. Archived from the original on 27 June 2015. Retrieved 29 October 2015.
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