Jamf Holding Corp., which makes tools that help businesses manage Apple Inc. devices, has filed for an initial public offering.
The Minneapolis-based company, backed by the buyout firm Vista Equity Partners, listed an offer size of US$100 million in a Tuesday filing with the U.S. Securities and Exchange Commission, a placeholder amount that will likely change.
The company was aiming to be valued at about US$3 billion in the listing, Bloomberg News reported in January.
Jamf, founded in 2002, makes MDM -- mobile device management -- software that lets organizations manage large numbers of iPhones, Macs, Apple TVs, and iPads. One of its features allows a company to update the software on all of its Apple devices at the same time.
Apple itself has been a customer since 2010, the filing shows. Jamf’s dependence on the US$1.6 trillion tech giant also features prominently in the section of the filing that outlines potential risks to its business, along with the potential financial impact of the coronavirus pandemic. In 2019, Apple represented less than 1 per cent of Jamf’s total revenue.
Jamf reported an US$8.3 million net loss on US$60 million revenue in the three months ended March, the filing shows. That compares to US$9 million in losses and US$44 million in sales from the same period a year earlier.
Private equity firm Vista acquired a majority stake in Jamf in 2017 in a US$734 million deal, the statement shows. Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp. and Barclays Plc. are leading the offering.