Jamf Holding Corp. (NASDAQ: JAMF) announced on Wednesday that it has agreed to be acquired by private equity firm Francisco Partners in a $2.2 billion all-cash transaction, marking another major technology take-private deal amid ongoing consolidation in the enterprise software sector.

Following the announcement, Jamf shares surged more than 15% in premarket trading, reflecting investor optimism over the premium offer and expectations of a stronger growth trajectory under private ownership.

Deal Details and Valuation

Under the terms of the agreement, Francisco Partners will pay $13.05 per share in cash, representing a premium of nearly 24% over Jamf’s closing price on September 11, the day before reports emerged about a potential sale.

The acquisition will take Jamf private, ending its five-year run as a publicly traded company since its IPO in July 2020.

Vista Equity Partners, which currently holds approximately 34% ownership in Jamf and acquired a controlling stake back in 2017, will fully exit its investment once the transaction is completed.

The deal is expected to close in the first quarter of 2026, subject to customary regulatory approvals and shareholder consent. Citi is serving as Jamf’s exclusive financial adviser on the transaction.

Francisco Partners Expands Its Software Portfolio

For Francisco Partners, one of the world’s leading private equity firms focused on technology investments, the Jamf acquisition continues its trend of targeting software companies with strong recurring revenue models but untapped profitability potential.

The firm, known for taking mid-cap tech companies private to streamline operations and accelerate product innovation, has previously invested in or acquired notable names such as SonicWall, LogMeIn, and MyHeritage.

“Francisco Partners has a long history of helping technology-driven companies reach their full potential,” said an industry analyst familiar with the firm’s investment approach. “Jamf fits well into that strategy, especially given its leadership in Apple device management.”

Jamf: Leader in Apple Device Management Solutions

Founded in 2002 and headquartered in Minneapolis, Minnesota, Jamf provides cloud-based device management and security software designed to help organizations deploy, manage, and secure Apple products — including MacBooks, iPads, iPhones, and Apple TVs — at scale.

Its solutions are widely used across education, healthcare, and enterprise environments, where IT teams rely on Jamf’s platform to simplify device provisioning, compliance, and endpoint protection.

Despite reporting a 15% year-over-year revenue increase to $176.5 million in Q2 2025 and raising its full-year guidance, Jamf has struggled to achieve consistent profitability amid intense competition and rising operational costs in the enterprise SaaS market.

The company’s stock has fallen approximately 21% year-to-date, reflecting investor concerns over its path to sustainable earnings growth.

Strategic Rationale: A Private Future for Jamf

Going private under Francisco Partners’ ownership could provide Jamf with greater flexibility to restructure operations, invest in product innovation, and expand into new markets without the quarterly scrutiny of public investors.

Analysts note that private equity ownership often allows software companies to optimize cost structures and enhance recurring revenue margins, setting the stage for a potential future re-listing or strategic sale.

“The combination of Francisco Partners’ operational expertise and Jamf’s niche dominance in Apple device management could unlock new growth avenues,” said a technology sector analyst.

Broader Trend: Private Equity Targets Undervalued Tech Firms

The Jamf acquisition comes amid a wave of take-private deals in the technology sector, as private equity firms capitalize on depressed valuations and rising interest in recurring-revenue software assets.

With macroeconomic uncertainty and higher interest rates weighing on public market multiples, firms like Francisco Partners, Thoma Bravo, and Vista Equity have been increasingly active in acquiring undervalued tech companies to reposition them for long-term growth.

Closing Outlook

Once finalized, the Jamf transaction will further solidify Francisco Partners’ presence in the enterprise IT management and cybersecurity space. For Jamf, it marks a strategic reset aimed at unlocking value and driving innovation in the growing Apple ecosystem enterprise segment.