Jamf goes private in $2.2B deal as Apple hits the enterprise

The word that Jamf will go private in a $2.2 billion acquisition by Francisco Partners has surprised many in the Apple admin community. Jamf sasy the plan will accelerate growth, bolster its expansion and strengthen its market leadership.

The move might also reflect a new chapter in the Apple enterprise-growth story, because as Macs, iPads, and iPhones become more embedded across the sector, many in IT management are searching for unified device management platforms capable of handling Apple, Microsoft, and Android products.

That’s a big change from where we used to be, when Apple wasn’t as prevalent in business. It was perhaps better practice to have Apple-focused device management and security solutions in place, with something else to handle Windows fleets. InTune’s move to support Jamf helped this along, at least, conceptually.

Enterprise tech is cross-platform

These days, you’ll just as easily find Macs in use beside Windows, Android devices, and iPhones in the office, so both IT and purchasing recognize it sometimes makes sense to source management tools that provide support across all of those platforms. There’s two reasons for that: it reduces overhead (more systems = more cost) and it boosts productivity (one console to rule them all).

That’s not going to suit everyone, of course. Some businesses are already all-in on Apple, and want best-in-class services ready to support all that’s new in that ecosystem. Others prefer specific tools for specific platforms, pretty much for the same reason — platform-focused tools tend to be updated faster, handle new features more swiftly, and deliver tighter integration with their chosen platform. All these reasons matter to different extents in different businesses, and each argument has its own weight. There’s no single answer; every business is different, with its own unique needs. Apple recently showed it understands that with the introduction of support to make it easier to migrate between device management vendors.

All the same, as Apple’s enterprise marketshare increases, the number of vendors in the enterprise space is also increasing. And while Jamf very much enjoys first-mover advantage as the uber-MDM for Apple in the workplace, it is arguably being flanked by competitors who already offer multi-platform support or speak more traditional languages familiar to IT. In my view, a company like Fleet has some advantage there — and it’s clear that Kandji/Iru hopes to play in that pool, too.

It’s possible the rapid expansion of Apple in business hasn’t been fast enough for Jamf’s shareholders. The current deal sees Francisco Partners pay $13.05 per share in the all-cash transaction, which has been approved by the Jamf board — including by former CEO Dean Hager. That’s just over half the value those shares went out for on the initial public offer in July 2020. 

Growing business one cut at a time

Since Jamf went public, it has engaged in two punishing rounds of staff cuts, including the recent layoff of 6.4% of its workforce. I believe these have deeply unsettled staffers across the company, as such cuts always do. Such events make people anxious, dent productivity, damage trust, and change corporate culture. 

While it is possible Francisco Partners will choose to invest in the award-winning, business supporting, deeply positive culture that has emerged at Jamf, it does have some track record for tearing some of the companies it acquires apart. The company “has relied on carve-out M&A to maximize the value of its investments,” InfoRisk said today.

It also seems to have a keen interest in building its security services offering. It purchased Forcepoint in 2021, Sumo Logic in 2023, and more recently seized slices of NewRelic and Integrity Group. 

Francisco Partners also owns SonicWall and BeyondTrust, which with Jamf and Jamf’s own security products gives the company a strong position in the security market. Now that’s augmented by Apple-focused security services, including some which other platforms really don’t possess. 

There’s still a big opportunity

“We continue to see tremendous opportunity for Jamf given its enviable position in the market, and we look forward to working with the leadership team to support Jamf’s next phase of growth and deliver an even broader suite of secure and effective products to its customers,” said Cherry Zou, vice president at Francisco Partners.

“We believe transitioning to a private company will provide greater financial flexibility and strategic alignment to accelerate growth, expand through innovation and M&A, and strengthen our market leadership,” said Jamf CEO John Strosahl, who once called Jamf’s internal culture its “secret sauce.”

“Of all the companies I’ve worked for, the Jamf culture is really unique and reflects our two values — selflessness, to think of others, to be helpful, and relentless self-improvement,” he said in 2024. “Those values have really gotten us here, and if I have one task during my tenure it will be to maintain that.” 

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