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Sunday, October 17, 2021

Absolute Software to buy Seattle-based NetMotion for $340M

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The news: Absolute Software, a publicly-traded security software company, agreed to acquire Seattle-based security startup NetMotion for $340 million.

Founded in 2001, NetMotion helps employees at more than 3,000 organizations access resources from devices both on premises or remotely in the cloud. The company posted $60 million in revenue for the 12-month period ending March 31, up 18% year-over-year, and $18 million in adjusted EBITDA. It employs about 200 people and is led by CEO Christopher Kenessey, a former exec at Cisco and the Foundry.

Absolute said the deal will compliment its “Endpoint Resilience” offering. Absolute reported revenue of $30.7 million for the quarter ended March 31, up 18% year-over-year, and net income of $2.2 million, down 1%. The combined company will have estimated annual revenue of $176 million. The deal is expected to close in June.

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