Francisco Partners in $2.2bn take-private deal for Jamf

January 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

January 2026 Issue

Private equity firm Francisco Partners has agreed to acquire Jamf, the Apple device management and security software specialist, in an all-cash transaction valued at about $2.2bn. Under the agreement, Francisco Partners will purchase all outstanding shares of Jamf common stock for $13.05 per share, representing a premium of roughly 50 percent over Jamf’s 90-day volume-weighted average closing price prior to 11 September 2025.

The deal, unanimously approved by Jamf’s board, is expected to close in the first quarter of 2026, subject to shareholder approval and regulatory clearance. Once completed, Jamf will become a privately held company and its shares will be delisted. Jamf will continue operating under its existing name and maintain its headquarters in Minneapolis, Minnesota.

Vista Equity Partners, Jamf’s largest shareholder with about 34 percent of outstanding shares, along with Dean Hager and John Strosahl, who hold smaller stakes, have agreed to vote in favour of the transaction. Vista will exit its investment upon completion.

“Since Jamf’s founding more than 20 years ago, we have made significant strides in advancing our mission to help organisations succeed with Apple,” said John Strosahl, chief executive of Jamf. “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.”

Francisco Partners emphasised Jamf’s strong position in the Apple ecosystem. “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, partner and co-chief information officer, and Karl Shum, partner, at Francisco Partners. Cherry Zou, vice president at the firm, added that Jamf’s market position offers “tremendous opportunity” for expansion.

Jamf has become a trusted platform for managing and securing Apple devices across businesses, educational institutions and government agencies worldwide. Its flagship product, Jamf Pro, enables administrators to configure and secure Apple devices efficiently. The company has grown significantly since its 2020 initial public offering, which priced shares at $26 and raised $468m. At launch, shares surged to $51 before closing at $39.20, giving Jamf a market capitalisation of $4.6bn.

Jamf’s customer base has expanded from 47,000 in 2021 to more than 76,000 today, managing over 33 million Apple devices globally. The company has also strengthened its security portfolio, notably through the acquisition of Identity Automation earlier in 2025 for $215m, enhancing its capabilities in identity and access management.

Financially, Jamf delivered strong third-quarter results for 2025, reporting revenue of $183.5m, up 15 percent year-on-year, and annual recurring revenue of $728.6m. Security ARR reached $216m, growing 44 percent year-on-year and accounting for 30 percent of total ARR. Non-GAAP operating income was $47.2m, significantly above prior guidance, while adjusted earnings per share of $0.25 exceeded analyst expectations. Operational cash flow more than doubled compared to the previous year.

Despite these results, the acquisition price has sparked controversy. Several law firms, including Bleichmar Fonti & Auld LLP, have launched investigations into whether Jamf’s board fulfilled its fiduciary duties, citing concerns that the $13.05 per share offer undervalues the company. Analysts at Needham and Citizens JMP Securities have set price targets between $18 and $20, arguing that Jamf’s growth trajectory and expanding security business justify a higher valuation. Shareholder litigation and regulatory review could delay or alter the transaction.

The proposed deal comes amid a challenging year for technology stocks, yet Jamf’s performance and strategic acquisitions have positioned it as a leader in Apple enterprise management. For Francisco Partners, the acquisition aligns with its focus on technology-driven businesses and offers scope to accelerate Jamf’s innovation, expand AI-enabled security features and pursue new markets under private ownership.

Whether the current offer will stand or be renegotiated remains uncertain. Shareholder votes and regulatory approvals will determine if Jamf’s next chapter unfolds as a private company or if investor pressure forces improved terms.

Richard Summerfield