Jamf (JAMF) 45th Annual William Blair Growth Stock Conference summary

Company overview and market position

• Leading vendor in Apple device management, with a 22-year history and global reach in 120 countries.

• Expanded from education into security and identity management, recently acquiring Identity Automation.

• Subscription revenue comprises 98% of total, with 17% CAGR since 2021 and 104% net retention rate.

• Largest verticals are technology and education, with education accounting for about 25% of business.

• Holds 11% market share in education and 2% in commercial, with professional and financial services as key sectors.

Growth drivers and product expansion

• Channel sales drive 85% of international and 55% of U.S. revenue, with recent investments in channel management.

• Security now represents about 25% of ARR, with mobile management and Android support launching in July.

• International revenue is 35%, expected to rise above 50% as global Apple adoption grows.

• Margin expansion focus: 1,100 basis point improvement over two years, targeting another 500 basis points.

• Q1 highlights: 9% ARR growth, 10% revenue growth, 22% operating margin, and $215M Identity Automation acquisition.

Competitive landscape and market trends

• Main competitors include Kandji, Mosyle (education), Microsoft Intune, and Workspace ONE (Omnissa).

• Gains market share from Workspace ONE amid their ownership changes; strong in Apple environments.

• Competitive environment for mobile management remains similar, with Intune as a key player.

• Platform approach increases customer stickiness, win rates, and retention by bundling management and security.

• Security and management integration compresses sales cycles and lowers churn.