Absolute Announces Clearance Under Australia’s Foreign Acquisitions and Takeovers Act

Absolute Software Corporation (NASDAQ: ABST) (TSX: ABST) (“Absolute” or the “Company”) announced today that 1414364 B.C. LTD. (the “Purchaser”) has obtained a no objection notification under Australia’s Foreign Acquisitions and Takeovers Act 1975 (the “FATA”) in connection with the previously announced acquisition of all of the outstanding shares of Absolute (the “Shares”) by the Purchaser, an affiliate of Crosspoint Capital Partners, L.P. (“Crosspoint”), by way of a statutory plan of arrangement (the “Transaction” or the “Arrangement”).

Following clearance under the FATA, the Arrangement remains subject to customary closing conditions and is expected to close later this month.

Further information regarding the Transaction is provided in the Company’s management information circular dated May 26, 2023 (the “Circular”). The Circular is available on SEDAR under the Company’s profile at www.sedar.com and on the Company’s website at https://www.absolute.com/company/investors/financials/.

About Absolute

Absolute Software (NASDAQ: ABST) (TSX: ABST) is the only provider of self-healing, intelligent security solutions. Embedded in more than 600 million devices, Absolute is the only platform offering a permanent digital connection that intelligently and dynamically applies visibility, control and self-healing capabilities to endpoints, applications, and network connections - helping customers to strengthen cyber resilience against the escalating threat of ransomware and malicious attacks. Trusted by nearly 21,000 customers, G2 recognized Absolute as a Leader for the thirteenth consecutive quarter in the Spring 2023 Grid Report for Endpoint Management and for the third consecutive quarter in the G2 Grid Report for Zero Trust Networking.

About Crosspoint

Crosspoint Capital Partners is a private equity investment firm focused on the cybersecurity, privacy and infrastructure software markets. Crosspoint has assembled a group of highly successful operators, investors and sector experts to partner with foundational technology companies and drive differentiated returns. Crosspoint has offices in Menlo Park, CA and Boston, MA. For more information visit: www.crosspointcapital.com.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains certain forward-looking statements and forward-looking information, as defined under applicable U.S. and Canadian securities laws (collectively, "forward-looking statements"). The words “will” and “expect”, and similar terms and, within this press release, include, without limitation, any statements (express or implied) respecting: the Company’s ability to meet all conditions precedent set forth in the arrangement agreement relating to the Arrangement (the “Arrangement Agreement”); the proposed timing and completion of the Transaction and other statements that are not statements of historical facts. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances.