Absolute Software Corp., a provider in endpoint resilience services, today announced it has signed a definitive agreement to acquire NetMotion Software Inc., a provider of connectivity and security services. Under the terms of the agreement, Absolute will acquire 100 percent of privately-held NetMotion for $340 million in cash.
NetMotion is a remote secure access platform that combines security, visibility and policy management to provide a secure end-user experience.
“The work from anywhere era has created the need for an entirely new set of capabilities that can deliver security and scalability without impeding the user experience,” said Christy Wyatt, Absolute’s President and CEO. “A modern security posture will require organizations to have complete visibility that extends from the endpoint to the edge, capable of delivering intelligence into the state and health of devices, applications, and network connections. And, they need the ability to make every endpoint, app, and connection resilient and capable of autonomously self-healing if they fail or go offline. This is why I am thrilled to welcome NetMotion to the Absolute family. Together, we are poised to accelerate Endpoint Resilience for our customers – both today and as their security approaches continue to evolve.”
“As the world moves away from legacy networking models, and organizations aggressively adopt cloud-based services, there is an increased, urgent demand for zero-trust secure access solutions,” said Christopher Kenessey, NetMotion’s chief executive officer. “This acquisition presents Absolute with a compelling opportunity that will help solve the issue of user-degraded experience while meeting new, and continuously evolving, expectations for resilience across both endpoints and network security. Together, Absolute and NetMotion will empower IT and security teams with the visibility, control and advanced intelligence needed to deliver a seamless and secure digital user experience on any device or network, anywhere.”
Absolute has obtained an underwritten commitment from Benefit Street Partners LLC for a $275 million term loan.
Foros is acting as financial advisor to Absolute. Cooley LLP and Blake, Cassels & Graydon LLP are serving as legal counsel to Absolute. Evercore Group LLC is serving as financial advisor to NetMotion and Wilson Sonsini Goodrich & Rosati PC is serving as legal counsel to NetMotion.