Enterprise Apple helper Jamf sees soaring IPO
Jamf, a Minneapolis company that helps businesses manage their employees' use of Apple devices, had a blockbuster first day of trading Wednesday, with shares up nearly 40% in an initial offering that raised $468 million for the firm.
The big picture: CEO Dean Hager told me in an interview he has "absolutely no regrets" that money was left on the table, calling Wednesday "about as energizing a day as we've had in Jamf's history."
Why it matters: Apple, which has traditionally put most of its energy on the consumer market, is a growing force inside businesses. But it leaves a lot of the integration and management tasks to other companies, like Jamf.
Hager isn't concerned that Jamf needs to diversify beyond supporting Apple products, saying that's a $10 billion market growing more than 17% a year. Hager added that research shows 70% of millennials and Generation Z prefer iOS to Android, and Mac to PC, when given the choice.
- "That means we are at the beginning of this transformation, not nearing the end," Hager said.
Between the lines: Hager also brushed off concerns that Apple could some day take over its business.
History lesson: Jamf started in 2002, long before the iPhone and at a time when Apple was still early in its recovery from years of struggle. In 2017, Vista purchased a controlling interest in Jamf for a reported $733 million — a stake that is now worth billions, with the company's valuation at the end of the IPO day at over $5 billion.