Jamf (JAMF) Piper Sandler Growth Frontiers Conference summary

Market environment and business performance

• K-12 and high-tech sectors have faced headwinds, but tech layoffs and downsizing are stabilizing, with signs of recovery in seat renewals and refresh cycles expected soon.

• Security ARR has grown from $5M at IPO to $145M, with 27% year-over-year growth, reflecting strong customer demand for integrated management and security.

• International expansion is outpacing U.S. growth, with notable strength in Europe and Asia; only a third of business is currently outside the U.S., indicating further opportunity.

• Deskless workflows are gaining traction, especially in retail and professional services, with large deals in these segments and increased iOS device adoption.

• Education market recovery is anticipated, with recent wins in major school districts and growing adoption of security products like Safe Internet, supported by jurisdictional data residency enhancements.

Growth drivers and strategic initiatives

• Mac shipments are rising, with Apple gaining market share; increased device adoption leads to more opportunities at renewal cycles, especially as refreshes occur.

• iOS device management is expanding, particularly in deskless environments, and security cross-sell is a key focus.

• Cross-sell of security products is a primary growth vector, with 40% of new commercial pipeline in security and 16 of top 20 deals including security components.

• Channel and partner initiatives are being automated and expanded, with new tools like Partner Portal and Jamf Insights to drive scalability and margin, especially in SMB and international markets.

• Operational improvements include workforce reduction, focus on productivity, and comprehensive systems updates to enhance scalability and profitability.

Competitive landscape and outlook

• Competitive pressure from sub-scale Apple-focused management companies has been sporadic, with unsustainable pricing tactics observed but not persistent.

• Differentiation is based on scale, integrated management and security, and long-standing Apple relationships, creating high barriers to entry.

• Rule of 40 plan remains in place, with growth expected to reaccelerate through cross-sell and channel expansion, and profitability driven by automation and channel leverage.

• SMB represents two-thirds of business, with 75% of Fortune 100 as customers; integration with other security vendors is common in enterprise.

• Ongoing product development focuses on expanding DLP and app security capabilities, with potential for further acquisitions if strategic opportunities arise.