Minnesota software company going private through a $2.2B deal

The Twin Cities will lose 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.

Founded in 2002 in Eau Claire, Wis., the company went public in 2020 at $26 a share and raised $468 million.

Shares of Jamf peaked four years ago, but have been trading below $26 a share since August 2022. Over the past year, shares 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.

Francisco Partners is a 20-year-old global investment firm based in San Francisco. It 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.

Strosahl said the deal will allow expansion through both innovation and acquisition activity.

The San Francisco-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.

Earlier this year, Jamf was ranked 41st on the Star Tribune’s list of largest public companies in Minnesota.