VANCOUVER, Sept. 21, 2015 /CNW/ - Absolute® Software Corporation (TSX: ABT) the industry standard for persistent endpoint security and data risk management solutions, today announced that it has signed a definitive agreement (the "Agreement") with HEAT Software for the sale of the assets and operations related to Absolute Manage® and Absolute Service, its computer lifecycle management and IT service management businesses.
The transaction is subject to the satisfaction of normal closing conditions and is expected to close in early October, 2015. Financial terms of the transaction will be determined based on an adjustment mechanism that will be finalized at the time of closing.
After the transaction closes, Absolute will work closely with HEAT Software to ensure a smooth transition and uninterrupted service to existing Absolute Manage and Absolute Service customers.
"We are pleased with the terms of this agreement and are incredibly excited for the future of our business," said Geoff Haydon, chief executive officer, Absolute. "This divestiture enables us to singularly focus on our core information security business. With the ability to focus resources and investments on our adaptive endpoint security solutions, we are favorably positioned to accelerate our technology roadmap, extend our unique persistence platform, and strengthen our market leadership in this important segment globally."
"Importantly, this agreement delivers on a key objective of ensuring our customers would be fully supported once the divestiture transaction was completed," added Mr. Haydon. "HEAT Software is committed to the ongoing support of the technology and in the customers who have made investments in Absolute Manage and Absolute Service."
"Absolute Manage and Absolute Service are a natural fit within the Service and Endpoint Management solutions offered by HEAT Software," said Jonathan Temple, president and chief executive officer, HEAT Software. "We are committed to invest in and grow these offerings, but most importantly we are excited in welcoming and supporting the Absolute Manage and Absolute Service customers so that we can ensure a seamless transition."
About HEAT Software
HEAT Software is a leading provider of Hybrid Service Management and Unified Endpoint Management software solutions for organizations of all sizes. With its suite of applications, HEAT Software is the only company in the world that provides, from a single platform, Service Management and Unified Endpoint Management software on-premise and in the cloud. HEAT manages millions of service interactions and millions of endpoints every day for thousands of leading organizations across IT, HR, Facilities, Finance, Customer Service and other enterprise functions. Its customers deliver world-class service while maximizing operational efficiencies with reduced cost and complexity. For more information, visit http://www.HEATSoftware.com.
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and data risk management solutions. Persistence® technology from Absolute provides organizations with visibility and control over all of their devices, regardless of user or location. If an Absolute client is removed from an endpoint, it will automatically reinstall so IT can secure each device and the sensitive data it contains. No other technology can do this. Persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Microsoft, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute, visit www.absolute.com.
©2015 Absolute Software Corporation. All rights reserved. Absolute and Persistence are registered trademarks of Absolute Software Corporation. For patent information, visit www.absolute.com/patents. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected proceeds and value to Absolute, the anticipated benefits to Absolute by entering into the Agreement, the expectation that closing conditions will be satisfied, and the timing of closing, each of which are not historical facts. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
SOURCE Absolute Software Corporation
For further information: Public Relations: Becky Obbema, Interprose, [email protected] or 1 408 778 2024; Or Toru Levinson, Absolute, [email protected] or 1 604 730 9851 x208; Investor Relations: Kristen Dickson, NATIONAL Equicom, [email protected] or 1 416 815 0700