MINNEAPOLIS - Jamf (NASDAQ: NASDAQ:JAMF), known for its Apple (NASDAQ:AAPL) device management and security solutions, announced its entry into the Microsoft (NASDAQ:MSFT) ISV Partner Program and the signing of a five-year agreement to host its offerings on Microsoft Azure. The collaboration, set to start in late 2024, aims to deliver Microsoft Cloud and AI-powered solutions to joint customers, enhancing endpoint management and security capabilities.
The integration of Jamf's services with Azure marks a significant step in the company's efforts to provide scalable and robust management tools for organizations using Apple devices. Jamf Pro, the flagship Apple management solution from Jamf, will become available to new customers through Azure cloud by the end of 2024, promising a seamless integration with Microsoft environments and a unified approach to device management and cybersecurity.
This move is expected to benefit both existing and potential customers by offering a simplified procurement experience through the Azure Marketplace. It will also allow organizations to apply their committed Azure spend towards purchasing Jamf's solutions, as stated by Henry Patel, Chief Strategy Officer at Jamf.
The partnership underscores a mutual commitment to innovation, with Microsoft VP Global Partner Solutions Americas, Priscyla Laham, highlighting the robustness of Azure in supporting advanced solutions and the goal of empowering organizations to manage and protect their users and data effectively.
Jamf's history with Microsoft dates back to 2017, focusing on integrating Apple device support within Microsoft-centric organizations. The collaboration has led to a range of integrations with Microsoft enterprise tools, including identity management with Microsoft Intune and Entra ID, and security solutions such as Jamf Protect for Microsoft Sentinel.
Jamf's participation in the Microsoft Copilot for Security private partner preview in 2024 further solidified the relationship, leading to the development of a plugin for Microsoft Copilot for Security that enhances threat response and IT-security team collaboration.
This announcement is based on a press release statement, providing a factual account of the partnership and its implications for the market.
In other recent news, Jamf Holding Corp. delivered a strong Q2 performance for 2024, exceeding expectations with significant growth in annual recurring revenue (ARR) and non-GAAP operating income. The company's Q2 revenue saw a 13% increase year-over-year, reaching $23.5 million in non-GAAP operating income. The ARR reached a notable $621.7 million, with a 27% growth in security ARR to $145 million.
These recent developments indicate a positive trajectory for Jamf, which also anticipates continued revenue growth and positive non-GAAP operating income for the upcoming quarters. The company's Q3 2024 revenue is projected to be between $156.5 million to $158.5 million, with full-year revenue expected to be $622.5 million to $645.5 million.
Jamf is also optimistic about its long-term financial outlook, projecting a 25% growth in Security ARR for 2024 and a full-year non-GAAP operating income between $96 million to $98 million. However, it's worth noting that the company's retention rate slightly decreased to 106%, despite the positive figures.
InvestingPro Insights
As Jamf (NASDAQ: JAMF) continues to expand its partnership with Microsoft, financial metrics from InvestingPro offer insights into the company's market position and performance. Jamf's adjusted market capitalization stands at $2.17 billion, reflecting the company's valuation in the market. Despite a challenging P/E ratio, which is currently negative at -23.95 and adjusted to -30.51 for the last twelve months as of Q2 2024, the company shows promising revenue growth. Jamf's revenue has grown by 14.6% over the same period, with a quarterly increase of 13.27% in Q2 2024.
The company's gross profit margin is notably high at 79.72%, indicating strong profitability relative to revenue. However, it's important to note that Jamf's operating income margin is in the negative territory at -11.96%, and the company has reported an operating loss, adjusted to -71.58 million USD for the last twelve months as of Q2 2024.
InvestingPro Tips suggest looking at the company's EBITDA growth, which has surged by 62.67% in the last twelve months as of Q2 2024. This could signal potential for future profitability and operational efficiency improvements. In addition, the fair value estimates from analysts and InvestingPro stand at 24 USD and 19.32 USD, respectively, indicating a potential upside compared to the previous close price of 16.99 USD.
For those considering an investment in Jamf, InvestingPro provides additional insights, with a total of 15 InvestingPro Tips available for a more comprehensive analysis. These tips can guide investors on various aspects of the company's financial health and market performance, aiding in a well-rounded investment decision.
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