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MINNEAPOLIS - Jamf (NASDAQ: NASDAQ:JAMF), a $1.89 billion market cap company specializing in Apple (NASDAQ:AAPL) device management and security, has announced that its Jamf Pro and Jamf School products have been granted StateRAMP Authorized status. The company, which InvestingPro data shows has maintained a strong gross profit margin of ~80%, continues to expand its enterprise security offerings. This achievement underscores Jamf's commitment to meeting stringent compliance requirements for organizations with high-security needs.
StateRAMP is a security framework tailored for cloud services used by state and local governments, as well as educational institutions. The Authorized status is the highest level of certification within the StateRAMP program and indicates that the products have met all necessary security controls. The evaluation was conducted by a third-party assessment organization (3PAO), and the results were verified by the StateRAMP Project Management Office (PMO). This certification comes as Jamf demonstrates solid revenue growth of ~14% year-over-year.
Linh Lam, CIO of Jamf, stated that achieving StateRAMP Authorized status is a significant milestone for the company. It assures customers in the state, local, and educational sectors that Jamf's solutions will help protect their information systems against cyber threats while adhering to compliance requirements.
To maintain the StateRAMP Authorized status, Jamf is required to adhere to monthly continuous monitoring protocols and undergo annual audits, as well as additional audits in case of significant changes.
This development is part of Jamf's broader mission to offer secure and user-friendly Apple management solutions that respect personal privacy and are trusted by organizations. The company's products are now listed on the StateRAMP Authorized Product List, which can be accessed by potential customers seeking compliant cloud security solutions.
The information in this article is based on a press release statement from Jamf. According to InvestingPro analysis, Jamf currently appears undervalued based on its Fair Value calculation, with analysts setting price targets ranging from $17 to $30. Subscribers can access the comprehensive Pro Research Report for detailed insights into Jamf's financial health, which currently rates as FAIR on InvestingPro's scoring system.
In other recent news, Jamf, a leader in Apple ecosystem management, has reported substantial growth and strategic alliances. The company's recent earnings call revealed a 12% year-over-year increase in revenue, culminating in an Annual Recurring Revenue (ARR) of $635 million. The non-GAAP operating income also showed a significant improvement, rising to $27.7 million.
In addition to financial growth, Jamf announced the availability of its flagship product, Jamf Pro, on the Microsoft (NASDAQ:MSFT) Azure cloud platform. This development signifies a deepening collaboration between Jamf and Microsoft, as indicated by Jamf's top-tier partner status within Microsoft Azure's IP co-sell program. The partnership aims to provide robust management and security solutions for organizations using Apple devices.
Furthermore, Jamf has unveiled strategic partnerships with Microsoft and Okta (NASDAQ:OKTA), and launched a new Partner Hub. Despite challenges in the soft PC market, the company projects a 7% to 8% growth in Q4 2024, with revenue expected to range between $161.9 million and $162.9 million. The company's strategic goals include achieving 25% growth in security ARR and enhancing sales and marketing efficiency, indicating a clear focus on expansion in 2024. These developments reflect recent strides made by the company in the realm of Apple device management and security.
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