Jamf Holding Corp. (JAMF): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine driving the Apple enterprise management leader after its late 2025 shift to private ownership under Francisco Partners. Honestly, the business model is now laser-focused on scaling enterprise security, moving beyond its traditional management roots. With a trailing twelve-month ARR hitting $728.6 million, the question isn't if they make money, but how that new private structure and security push-like integrating Identity Automation-will accelerate growth from here. Dive into the full canvas below to see exactly how their channel-first strategy and deep Apple expertise translate into those revenue streams and where the R&D spend is going.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Key Partnerships

You're mapping out the dependencies that keep $\text{Jamf Holding Corp.}$ running, and the partnerships are definitely where the leverage is. It's not just about the tech; it's about the ecosystem and the go-to-market engine they've built around it. Here's a breakdown of the critical relationships as of late 2025.

Apple Inc. (core technology ecosystem dependency)

The entire business model of $\text{Jamf Holding Corp.}$ is built on being the standard for managing and securing Apple at work. This dependency means that any change in Apple's operating systems or device strategy directly impacts the value proposition. While we don't have a direct financial transaction number with Apple Inc. here, the entire revenue base is predicated on the continued enterprise adoption of macOS, iOS, and iPadOS.

Francisco Partners (new private equity owner for $2.2 billion acquisition)

The transition from public to private is a major structural partnership shift. $\text{Francisco Partners}$ agreed to acquire all outstanding shares of $\text{Jamf Holding Corp.}$ in an all-cash transaction valued at approximately $2.2 billion as of late October 2025. This deal prices each share at $13.05 in cash, which represented a premium of about 50% over the 90-day volume weighted average share price preceding September 11, 2025. The expectation is that this move will give $\text{Jamf Holding Corp.}$ greater financial flexibility to accelerate growth and M&A, with the deal expected to close in the first quarter of 2026.

Global Channel Partners (resellers, MSPs driving over 60% of ARR)

This is the sales engine. $\text{Jamf Holding Corp.}$ explicitly states it is a channel-first business, and the numbers back that up. Partner-driven Annual Recurring Revenue (ARR) represents over 60% of the company's total ARR. To put that into perspective, based on the Q3 2025 reported total ARR of $728.6 million, the channel is responsible for roughly $437.16 million of that recurring stream. The Global Partner Program, launched in August 2024, has clearly been effective; in its first twelve months, it saw over 50% YoY increase in partner-driven deal registration and more than doubled the number of partners in the program. This ecosystem includes major players you'd expect.

Here are some of the key entities in that channel:

• $\text{CDW}$
• $\text{SoftCat}$
• $\text{BT}$
• $\text{SHI}$
• $\text{7th Sense}$

Technology Integration Partners (e.g., UberEther for FedRAMP)

Strategic integrations are crucial for penetrating regulated markets. $\text{Jamf Holding Corp.}$ recently partnered with $\text{UberEther}$ on December 2, 2025, specifically to accelerate its pursuit of FedRAMP High and DoD Impact Level 5 (IL5) authorization. $\text{Jamf Holding Corp.}$ will leverage $\text{UberEther}$'s Zero Trust-based FedRAMP High Cloud environment to streamline this compliance journey, which is essential for serving U.S. public sector organizations handling sensitive data.

You can see the key metrics associated with these partnerships in the table below. It's defintely a mix of financial validation and strategic compliance plays.

Partner Category	Key Partner/Metric	Associated Financial/Statistical Data
Private Equity Owner	Francisco Partners	$2.2 billion acquisition valuation; $13.05 per share in cash.
Global Channel Partners	Partner-driven ARR Contribution	Represents over 60% of total ARR.
Global Channel Program Success	Partner Deal Registration Growth (YoY)	Over 50% increase since August 2024 program launch.
Technology/Compliance Partner	UberEther	Collaboration to achieve FedRAMP High and DoD IL5 authorization.
Contextual ARR (Q3 2025)	Total ARR (as of Sep 30, 2025)	$728.6 million (16% YoY increase).
Contextual Security ARR (Q3 2025)	Security ARR	$216 million (44% YoY growth), comprising 30% of total ARR.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Key Activities

You're looking at the core engine driving Jamf Holding Corp.'s value proposition as of late 2025. The Key Activities section of the Business Model Canvas shows where the company is spending its time and capital to generate that recurring revenue. It's all about product superiority, strategic expansion, and operational refinement.

Software development for Apple Enterprise Management and Security

The primary activity is continuous software development to maintain the Apple-best platform. This development effort directly translates into the top-line growth you see in the subscription metrics. As of September 30, 2025, Jamf Holding Corp. reported its Annual Recurring Revenue (ARR) stood at $728.6 million, which was a 16% year-over-year increase. This recurring revenue base is the direct output of the development and delivery of the core management and security features. The focus on security development is evident in the Security ARR metric, which reached $216 million as of that same date, marking a substantial 44% year-over-year growth. This security component now represents 30% of the total ARR, showing a clear strategic shift in development priority toward higher-value security modules.

Strategic M&A and integration (e.g., Identity Automation)

A key activity involves identifying and integrating strategic acquisitions to broaden the platform's capabilities beyond pure device management. The most recent major example is the acquisition of Identity Automation, which was completed on April 1, 2025. Jamf Holding Corp. signed a definitive agreement to acquire Identity Automation for approximately $215 million in cash consideration. This integration activity is designed to fuse device access with identity management, a critical step in creating a comprehensive security solution. The success of this integration is already reflected in the Security ARR growth figures mentioned above, as the acquisition was cited as a driver for that performance.

Go-to-market realignment to enhance Enterprise focus

Jamf Holding Corp. has been actively realigning its sales and marketing efforts to maximize returns from its customer base. In July 2025, the company announced a strategic reinvestment plan that included a significant go-to-market enhancement. This involved increasing investment and resources specifically to support Enterprise customers, which management noted deliver higher growth, stronger retention, and a greater return on investment. To fund this, the company reduced its workforce by approximately 6.4%, expecting to incur restructuring charges of $11.0 million to $12.5 million, mostly in the third quarter of 2025. The goal is to simplify the approach to Small and Medium Businesses (SMB) by scaling through the channel while focusing direct sales energy where the ROI is highest.

Accelerating investments in AI and automation capabilities

Accelerating investments in Artificial Intelligence and automation is a critical, ongoing activity, directly tied to the go-to-market realignment. This acceleration is intended to improve the customer experience within the Jamf product platform and drive internal productivity enhancements. The July 2025 reinvestment plan explicitly called for this acceleration, aiming to deliver more AI- and automation-driven solutions across the entire organization. This supports the simplified SMB approach by developing more automated customer solutions to improve operational efficiency. The company had previously noted efficiencies from deploying AI within its sales, product, and customer success groups over the prior year.

Here's a quick look at the financial results that underpin these activities as of the end of the third quarter of 2025:

Metric	Amount (Q3 2025)	Year-over-Year Change
Total Revenue	$183.5 million	15% growth
Annual Recurring Revenue (ARR)	$728.6 million	16% growth
Security ARR	$216 million	44% growth
Non-GAAP Operating Income	$47.2 million	Not specified
Non-GAAP Operating Margin	26%	Expansion noted
Adjusted EBITDA	$49.6 million	68% growth

The company's focus on operational leverage is clear when you see the Adjusted EBITDA margin improved to 27% in Q3 2025, up from 19% year-over-year. Also, note the cash generation: Trailing Twelve Month (TTM) cash flow provided by operations grew 213% year-over-year to $117.1 million. Finance: draft the Q4 2025 cash flow projection based on the TTM unlevered FCF of $147.5 million by next Tuesday.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Key Resources

You're looking at the core assets that power Jamf Holding Corp.'s position as the standard in managing and securing Apple at work. These aren't just line items; they are the foundation of their competitive moat, especially as they transition to a private entity under Francisco Partners.

Proprietary Software IP (Jamf Pro, Jamf Now)

The intellectual property, centered around Jamf Pro and Jamf Now, is the primary engine. This software suite is purpose-built for the Apple ecosystem, which is a key differentiator. The success of this platform strategy is visible in the growth of the security-focused segment of the business.

For instance, the Security ARR (Annual Recurring Revenue) reached $216 million as of September 30, 2025. That's a substantial 44% year-over-year growth, showing strong adoption of their expanded platform solutions, which includes contributions from the Identity Automation acquisition. This Security ARR now makes up 30% of the total ARR base.

Here's a snapshot of the financial scale these resources underpin as of Q3 2025:

Financial Metric	Amount (as of Q3 2025)	Context/Period
Total Annual Recurring Revenue (ARR)	$728.6 million	As of September 30, 2025
Security ARR	$216 million	As of September 30, 2025
Security ARR Year-over-Year Growth	44%	Q3 2025
Security ARR as Percentage of Total ARR	30%	As of September 30, 2025

Human Capital (Deep Apple Ecosystem Expertise)

The talent pool is critical here. Jamf Holding Corp. needs engineers, support staff, and sales teams who deeply understand the nuances of macOS, iOS, iPadOS, and tvOS. This specialized knowledge is hard to replicate quickly, so it acts as a significant barrier to entry for competitors.

While specific headcount numbers aren't always public, the operational efficiency gained from this expertise is evident in the profitability metrics. You see this in the operating leverage they achieved.

• Non-GAAP Operating Income: $47.2 million for Q3 2025.
• Non-GAAP Operating Margin: Expanded to 26% in Q3 2025.
• Adjusted EBITDA grew 68% year-over-year to $49.6 million in Q3 2025.

This suggests the human capital is effectively driving high-margin subscription revenue.

Annual Recurring Revenue (ARR) Base

The $728.6 million ARR base as of September 30, 2025, shows the stickiness of their customer base and the predictable nature of their revenue stream. This figure represents a 16% increase year-over-year, which is a solid growth rate for a mature enterprise software provider.

The quality of this revenue is also important. Cash flow metrics, which are less susceptible to accounting adjustments than GAAP net income, show strength. Cash flow provided by operations for the trailing twelve months (TTM) ended September 30, 2025, was $117.1 million. Also, the TTM unlevered free cash flow reached $147.5 million, growing 82% year-over-year. That's defintely a strong indicator of cash generation.

Strong Cash Position

A healthy balance sheet provides operational flexibility, especially during a pending acquisition. Jamf Holding Corp. reported cash and cash equivalents of $547.2 million at the end of Q3 2025. This liquidity was bolstered by term loan proceeds, which is a smart move to secure capital ahead of the take-private transaction with Francisco Partners.

This cash position, combined with the strong TTM unlevered free cash flow of $147.5 million, means they aren't reliant on immediate external financing for day-to-day operations or strategic integration post-close. Finance: draft 13-week cash view by Friday.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Jamf Holding Corp. for managing their Apple fleet. It boils down to delivering specialized, high-value services for a specific, growing ecosystem.

Unified management and security for Apple-first environments

Jamf Holding Corp. specializes in offering a comprehensive management and security solution tailored specifically for Apple-first environments. This focus translates directly into financial performance that reflects customer commitment. For instance, Annual Recurring Revenue (ARR) reached $728.6 million as of the third quarter of 2025, showing a 16% year-over-year increase. Also, the Net Retention Rate remained strong at 103% as of the second quarter of 2025, indicating existing customers are expanding their use of Jamf Holding Corp. services. The security segment is a major driver here; Security ARR hit $203 million in Q2 2025, marking a 40% year-over-year growth, and now represents 29% of the total ARR. Security ARR was $162 million in Q1 2025, representing 25% of total ARR then.

Enterprise-secure, consumer-simple user experience

The value proposition here is delivering enterprise-grade security without bogging down the user experience that Apple users expect. The financial evidence of this high-value delivery is seen in the gross margins. For Q3 2025, Jamf Holding Corp. reported a non-GAAP gross profit of $148.1 million, which is 81% of total revenue. In the prior quarter, Q2 2025, the non-GAAP gross profit was $141.6 million, or 80% of total revenue. This high margin shows the efficiency of delivering software that users find simple to adopt and use, which helps IT maintain compliance and security without friction.

Zero-Touch Deployment and lifecycle management

This is about getting devices into users' hands ready to work, immediately secure, and configured correctly, all without IT ever physically touching the hardware. Jamf Holding Corp. achieves this through seamless integration with Apple's native programs. You use the platform's integration with Apple Business Manager and Apple School Manager to automate device enrollment, app deployment, updates, and permission setting from one central spot. This automation directly reduces administrative overhead, which is a key component of the total cost of ownership benefit for Apple devices in the enterprise.

Segment-specific platforms (Jamf for K-12, Jamf for SMB)

Jamf Holding Corp. tailors its offering to specific user bases, moving beyond a one-size-fits-all approach. They launched platform solutions specifically for different needs. For example, they offer Jamf for K-12, which is tailored for education organizations. Also available are Jamf for Small Business, aimed at organizations with fewer than 250 employees, and Jamf for Mac, targeting commercial organizations with over 1000 employees. The acquisition of Identity Automation for $215 million in early 2025 specifically strengthens their position in verticals like education and healthcare by adding dynamic identity management capabilities.

Here's a quick look at how the core revenue and growth metrics evolved across the first three quarters of fiscal year 2025, showing the realized value of these propositions:

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue	$167.6 million	$176.5 million	$183.5 million
Annual Recurring Revenue (ARR)	$657.9 million	$710.0 million	$728.6 million
Security ARR	$162 million	$203 million	Data not specified
Year-over-Year Revenue Growth	10%	15%	15% (vs Q3 2024)

The company's market capitalization stood at $1.73 billion as of December 2025, with the stock trading around $12.97.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Customer Relationships

You're managing a large fleet of Apple devices in a complex enterprise environment; that's where Jamf Holding Corp.'s dedicated customer relationship focus really shows. The company understands that your IT administrators are long-tenured experts who need deep, reliable integration, not just a quick fix. This focus on the core technical user drives stickiness.

For your larger Enterprise accounts, the relationship is definitely high-touch. Jamf Holding Corp. has been increasing investment and resources specifically to support Enterprise customers, recognizing they deliver higher growth, stronger retention, and greater return on investment. You see this in the dedicated direct sales teams engaging with prospective clients, who are instrumental in understanding the specific needs of large organizations. Furthermore, your reliance on their support is high; any failure to maintain expected support levels could hurt expansion and retention, especially since many enterprise customers require high levels of focused support, including premium support offerings, to fully realize product benefits.

The approach for Small to Midsize Businesses (SMB) is different, though. As part of its strategic reinvestment plan, Jamf Holding Corp. is working to Simplify approach to SMB by scaling through the channel while simultaneously developing a more automated customer solution and experience to deliver greater customer value and improve operational efficiency. This means you, as an SMB, might experience a more streamlined, self-service path compared to the bespoke attention given to the largest accounts.

The proof of this relationship strategy, which spans both high-touch and scaled models, is evident in the retention numbers. Customers who stay and expand their use of Jamf Holding Corp.'s platform are the bedrock of their recurring revenue base. Here's a snapshot of the financial health tied to these relationships as of late 2025:

Metric	Value (as of Q3 2025)	Value (as of TTM ended Q2 2025)
Dollar-based Net Retention Rate	104%	103%
Total Annual Recurring Revenue (ARR)	$728.6 million	$710.0 million
Security ARR Growth (YoY)	44%	40%
Total Revenue (Q3 2025)	$183.5 million	$176.5 million (Q2 2025)

That 103% dollar-based net retention rate for the trailing twelve months ended June 30, 2025, tells you that even after accounting for any churn, the remaining customers expanded their spending enough to grow the base by 3%. Also, the growth in Security ARR, hitting $216 million as of September 30, 2025, shows that customers are adopting more of the platform solutions, which is a key indicator of successful upselling and cross-selling within the existing base.

The focus on customer success is also reflected in their operational alignment:

• Increasing investment and resources to support Enterprise customers.
• Developing a more automated customer solution and experience for SMBs.
• International revenue growth reached 15% year-over-year in Q2 2025, showing global customer adoption is strong.
• The company's sales strategy relies on positive recommendations and referrals from existing customers.

Finance: draft 13-week cash view by Friday.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Channels

Global Partner Program (channel-first strategy)

Jamf Holding Corp. achieved a 5-Star Rating in the 2025 CRN Partner Program Guide. The Jamf Global Partner Program reaches partners in over 70 countries worldwide. The program has seen more than doubled the number of partners in the first twelve months of its launch. As of September 2025, there was an over 50% year-over-year increase in partner-driven deal registration. The strategic reinvestment plan for 2025 includes SMB channel optimization. The company is reallocating resources to expand channel partnerships, particularly in the U.S., targeting commercial and SMB segments.

Metric	Value/Status (Late 2025 Context)
CRN Partner Program Rating	5-Star Award in 2025
Global Reach	Partners in over 70 countries
Partner Count Growth (YoY Launch)	More than doubled
Partner-Driven Deal Registration Growth (YoY)	Over 50% increase

Direct Enterprise Sales Force

The strategic reinvestment plan for 2025 includes a go-to-market enhancement prioritizing enterprise customers. Management is reallocating resources to scale enterprise sales talent. The company is targeting higher retention and growth in commercial segments through this focus.

Online platform for self-service and SMB adoption

The strategic reinvestment plan involves simplifying the approach for Small to Medium Business (SMB) customers through channel partners and automation. Jamf Business Plan achieved year-over-year Annual Recurring Revenue (ARR) growth of over 50% as of the end of fiscal year 2024. Jamf Pro and Jamf Business Plan are available in the Azure Marketplace.

• Jamf Business Plan ARR Growth (FY2024 YoY): Over 50%
• Platform Availability: Azure Marketplace

Apple's own distribution ecosystem

Jamf Holding Corp. ended the second quarter of 2025 with total Annual Recurring Revenue (ARR) of $710.0 million. Security ARR as of June 30, 2025, was $203 million, representing 29% of total ARR. For the third quarter of 2025, total ARR reached $728.6 million.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Customer Segments

You're looking at where Jamf Holding Corp. focuses its sales and development efforts as of late 2025. Honestly, the customer base isn't just one big blob; they segment their approach because a school district's needs are defintely different from a Fortune 100 tech firm's.

Enterprise Businesses (increased investment focus)

The Enterprise segment is where Jamf Holding Corp. is putting significant muscle, especially around platform solutions that drive security uptake. You see this focus reflected in the Security ARR, which hit $216 million as of September 30, 2025, making up 30% of the total Annual Recurring Revenue (ARR) of $728.6 million. This acceleration in security revenue, up 44% year-over-year for Security ARR in Q3 2025, shows that large businesses are prioritizing endpoint protection for their Apple fleets. The company is pushing its platform strategy here to capture more wallet share beyond just basic management.

Education sector (K-12 being a key vertical)

Education remains a bedrock for Jamf Holding Corp., and K-12 is a major vertical within that. The company specifically launched Jamf for K-12 as one of its segment-specific platforms. Furthermore, the acquisition of Identity Automation, which closed in April 2025, directly bolsters capabilities relevant to both education and healthcare by adding advanced identity and access management tools. While we don't have a specific revenue split for K-12, the strategic investment here suggests it's a high-volume, high-touch area for them.

Small to Midsize Businesses (SMB)

For smaller organizations, Jamf Holding Corp. tailors its offering with the Jamf for Small Business platform. These customers often need simplicity and speed, which aligns with the core value proposition of managing Apple devices right out of the box. The overall customer count, which stood at over 76,500 at the end of 2024, is supported by this segment, even if the larger enterprises drive more of the high-dollar ARR growth. It's about broad market coverage, you see.

Government and Healthcare organizations

Government and Healthcare organizations are critical, especially given the stringent security and compliance needs they face. The company's focus on security ARR growth is highly relevant here. We know Jamf Holding Corp. has been working toward compliance with programs like StateRAMP, which is key for securing government contracts. The integration of Identity Automation also helps serve the complex access control requirements common in hospital systems. These sectors value the platform's ability to manage and secure devices without needing physical access, which is a big plus for remote or distributed workforces in these fields.

Here's a quick look at the overall scale supporting these segments as of late 2025:

Metric	Value (Q3 2025 or Latest Available)	Context
Total Customers	Over 76,500 (End of 2024)	Total organizations served globally.
Total Devices on Platform	Over 33.2 million (End of 2024)	Total endpoints managed across all segments.
Total ARR	$728.6 million (Q3 2025)	Represents the recurring revenue base.
Security ARR	$216 million (Q3 2025)	A key growth driver across Enterprise and regulated sectors.
International Revenue Growth	15% Year-over-Year (Q2 2025)	Indicates global adoption outside the US.

The company's product strategy is clearly segment-aware, aiming to provide tailored value propositions:

• Jamf for Mac
• Jamf for Mobile
• Jamf for K-12
• Jamf for Small Business

If onboarding takes 14+ days, churn risk rises, especially in the SMB space where IT resources are thin.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Cost Structure

You're looking at the major drains on Jamf Holding Corp.'s cash flow as they push platform innovation and realign their go-to-market strategy. Honestly, for a company in this growth phase, high operating expenses are expected, but you need to watch where the dollars are actually going.

The Cost Structure is heavily influenced by investment in the core product and the sales engine. Research and Development (R&D) is a key cost driver, fueling platform innovation and the security features that are becoming a larger part of their Annual Recurring Revenue (ARR). Similarly, Sales and Marketing (S&M) expenses are significant, especially as they execute the strategic reinvestment plan announced in mid-2025 to enhance growth in Enterprise and simplify the SMB approach, which involved workforce reductions.

Here are the concrete numbers we can pull from the latest filings and announcements as of late 2025:

• Restructuring Charges: Jamf Holding Corp. estimated it would incur charges of approximately $11.0 to $12.5 million in connection with a workforce reduction announced in July 2025.
• The company expected that most of these restructuring charges would be incurred in the third quarter of 2025.
• These restructuring charges are intended to be excluded from certain of the company's non-GAAP financial measures.

Stock-based compensation (SBC) remains a substantial non-cash expense, used to align employee interests with shareholder value. While you mentioned a planned figure of $105.0 million, the guidance provided earlier in 2025 for the full fiscal year was slightly different, which you should definitely track:

Cost Component	Period/Scope	Reported/Planned Amount (USD)
Stock-based Compensation and related payroll taxes (Guidance)	Full Fiscal Year 2025	Approximately $112.5 million
Restructuring Charges (Estimated)	Q3 2025 Incurrence	$11.0 million to $12.5 million

For the nine months ended September 30, 2025, the reported GAAP operating expenses give you a sense of the scale of R&D and S&M, though these figures are presented in thousands in the source documents, which seems low relative to revenue, so you must cross-reference with the non-GAAP figures for a full picture. Still, these are the reported components:

Expense Category	Period Ended September 30, 2025	Amount (in thousands)
Sales and marketing	Nine Months	$2,038
Research and development	Nine Months	$1,570

The focus on platform innovation means R&D costs are structural. Also, remember that Sales and marketing expenses consist primarily of personnel costs, sales commissions, and general promotional activities. The go-to-market realignment is directly reflected in these personnel and severance costs.

• For the third quarter of 2025, Jamf Holding Corp. reported total revenue of $183.5 million.
• Non-GAAP operating income for Q3 2025 reached $47.2 million, or a 26% margin, showing operating leverage despite the ongoing costs.
• Security ARR hit $216 million as of September 30, 2025, which is a 44% year-over-year growth, indicating that R&D spend is translating into higher-value revenue streams.

Finance: draft 13-week cash view by Friday.

Jamf Holding Corp. (JAMF) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Jamf Holding Corp.'s financial performance, which is overwhelmingly subscription-based. This model is what gives the company its predictable, high-quality revenue stream, and honestly, it's the key to its valuation.

Subscription Revenue (primary source, TTM ARR $728.6 million)

The bedrock here is the Annual Recurring Revenue (ARR), which hit $728.6 million as of September 30, 2025, representing a 16% increase year-over-year. This recurring revenue is the dominant driver, making up approximately 98% of total revenue in Q1 2025. You see this stickiness reflected in the Net Retention Rate, which was a healthy 103% as of Q2 2025. This means existing customers, on average, spent more than they did the prior year, which is exactly what you want to see in a subscription model.

Here's a quick look at the ARR trajectory leading up to Q3 2025:

Metric	As of Q1 2025	As of Q2 2025	As of Q3 2025
Total ARR	$658 million	$710.0 million	$728.6 million
Total ARR YoY Growth	9%	14%	16%

Security Solutions ARR (fastest growth, approximately $220 million)

The security segment is where the action is, showing the fastest growth and driving platform adoption. As of the end of Q3 2025, Security ARR reached $216 million. That figure represents 30% of the total ARR base. The growth rate for this segment was a massive 44% year-over-year in Q3 2025. This acceleration is key; it's up from 29% of total ARR in Q2 2025 (at $203 million in Security ARR).

• Security ARR as of September 30, 2025: $216 million.
• Security ARR YoY Growth (Q3 2025): 44%.
• Security ARR as a percentage of Total ARR (Q3 2025): 30%.

Cross-sell and upsell of platform solutions (e.g., Identity Automation)

The growth in Security ARR is directly tied to the successful cross-sell and upsell of platform solutions, especially following the acquisition of Identity Automation on April 1, 2025. This acquisition added dynamic identity management capabilities, which feeds directly into the higher-value security offerings. The momentum is clear: net new ARR growth accelerated for the first time since Q2 2022 (excluding FX) in Q1 2025. The strategy is to move customers from just device management to a broader, stickier platform that includes security and identity automation, which naturally drives up the average ARR per customer.

Professional services and training fees

This is the less strategic part of the revenue mix. To be fair, less strategic revenue sources, which include services and licenses, continued to show year-over-year declines in Q1 2025, consistent with the company's strategic pivot toward pure subscription. While specific dollar amounts for professional services and training fees aren't broken out separately in the latest reports, they fall under this category, meaning they are not the focus for future growth.

Finance: draft 13-week cash view by Friday.