Jamf Holding Corp. Discusses Strategic Growth and Market Expansion at Bank of America Global Technology Conference 2025

Key Takeaways

TL;DR: Jamf is expanding its Apple device mgmt. strategy by integrating security and identity automation. The firm leverages strong ties in education and commercial mkts while expanding internationally via its partner channel. Key impacts include a more integrated platform, lower customer churn, stable 104 TTM NRR, and margin expansion initiatives aimed at reaching a Rule of 40 run rate by FY26 Q4.

• Market & Product Evolution
  • Jamf’s origins are in managing Apple devices in education; today, 25% ARR is from education, with commercial solutions making up the rest.
  • Transitioned into security w/ the Wandera acquisition, growing to ~$160M ARR, and now integrated Identity Automation ($216M purchase w/ $40M deferred) to offer dynamic identity mgmt for students and staff.
  • Launched platform solutions—Jamf for Mac, Jamf for mobile, Jamf for K-12—and is introducing a new SKU for the SMB segment.
  • Expanded product scope includes supporting Android device mgmt for mixed-use environments, giving customers one tool for both Apple and Android.
• Pipeline & Sales Process
  • Shifting from an ala carte menu (mgmt, protect, connect) to integrated platform solutions has resulted in lower churn and higher customer adoption.
  • Identity Automation’s integration is already showing traction—overlapping w/ 250 out of its 500 customers—with deals in flight and potential cross-selling oppt'ys.
  • New platform sales are esp. gaining traction in verticals like financial svcs (noted mobile traction) and retail (e.g., mobile-based point-of-sale and shared device mgmt).
• Demand Environment & Guidance
  • Despite persistent macro uncertainty (including isolated deal cancellations and elongated device refresh cycles due to cost-optimization efforts), Q1 results were at the high end of guidance.
  • Q4 budget flush vs. slower Q1 flows have driven a conservative yet achievable guidance model, factoring in recent layoffs and pricing pressures.
  • Continued uncertainty in hiring, esp. in the tech vertical, keeps demand dynamics closely watched.
• NRR & Margin Expansion
  • Current NRR is stabilizing around 104 TTM, buoyed by the growth of the security segment and bundled platform sales.
  • OP margin guidance stands at 21% for this year—up 5%p YoY—despite FX and integration costs.
  • Jamf aims for an additional 500 basis points in margin expansion over the year and targets a Rule of 40 run rate by FY26 Q4, driven by zero-based budgeting and cost streamlining initiatives.
• Capital Allocation & Pricing Strategy
  • Jamf’s capital is bolstered by a $400M term loan facility, w/ $175M available for flexibility, aimed at funding the $40M deferred Identity Automation payment and lowering its convertible liability.
  • Although pricing has been increased modestly in the past (two years since the last adjustment), new bundled platform products embed annual price increases, reflecting enhanced functionality and value.
  • If the demand environment strengthens, incremental investments are expected in the channel, marketing, and R&D to drive further adoption.
• International Expansion & Channel Strategy
  • Internationally, 85% of rev. is channeled through partners, w/ strong traction in APAC and EMEA—esp. in education and financial svcs.
  • Expansion efforts also target emerging mkts (e.g., India) where Apple adoption is climbing, leveraging Jamf Nation and long-standing IT relationships.

Overall, the discussion highlighted that Jamf’s integrated approach—coupling traditional device mgmt w/ security and identity solutions—is key to driving sustainable growth. This strategy is attracting diverse customer segments across both mature and emerging mkts, w/ margin expansion and international channel growth holding significant investment appeal.

Call Q&A

• Unknown Analyst: Can you provide a brief background of Jamf's past, present, and future, esp. in light of security adoption, the Android announcement, and the Identity Automation acquisition?
  • David Rudow: Jamf started 22-23 years ago in Eau Claire, Wisconsin, managing education devices. It expanded into commercial and security spaces, w/ security now at $160M ARR. Jamf sells globally, mainly through channels. Recent developments include a platform solution combining mgmt and security, the Identity Automation acquisition for dynamic identity mgmt, and support for Android devices.
• Unknown Analyst: How does Jamf's leadership in managing Apple devices help in selling to enterprises and schools w/ mixed device environments?
  • Jennifer Gaumond: There hasn't been a change in the dynamic. Jamf sells on the value proposition of managing and securing Apple devices effectively. It's about providing the best solution for those specific devices.
• Unknown Analyst: Which products and use cases are driving the most interest in your sales pipeline? How do you see this evolving?
  • David Rudow: Jamf offers an ala carte menu of products but sees better adoption w/ combined products. The pipeline is built on platform solutions like Jamf for Mac, mobile, and K-12. Identity Automation is also part of the pipeline. Mobile solutions are a big oppt'y, esp. in deskless environments like transportation and retail.
• Unknown Analyst: What factors were considered when formulating guidance for 2025? What could drive upside or downside?
  • David Rudow: Layoffs indicated an uncertain environment. Q4 was strong, but Q1 didn't follow through. Jamf aims for an achievable model w/ beat and race stories. Some deals slipped due to tariffs, but it wasn't enough to lower numbers. Hiring hasn't returned strongly, esp. in technology.
• Unknown Analyst: What does in-quarter NRR look like? Has it stabilized or improved? Are there healthier NRR pockets in the biz mix?
  • Jennifer Gaumond: NRR is stable around 104 due to the security biz's growth. It is expected to increase w/ continued security penetration and platform solutions. Upside depends on hiring environment improvements.