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Here are 1-3 brief analogies for N-able:

• Shopify for Managed Service Providers (MSPs): Just as Shopify provides a comprehensive platform for small businesses to run their e-commerce, N-able provides an all-in-one software platform for MSPs to manage and secure their small and medium-sized enterprise clients.
• Adobe for IT Management: Similar to how Adobe offers a suite of essential creative tools for designers, N-able provides a comprehensive suite of software tools (monitoring, security, business management) that are crucial for Managed Service Providers (MSPs) to deliver IT services.
• Salesforce for IT Services Firms: Like Salesforce provides a cloud-based platform for sales and customer relationship management for businesses, N-able provides a cloud-based platform and tools specifically for Managed Service Providers (MSPs) to manage their clients' IT infrastructure and security.

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• Remote Monitoring and Management (RMM): Solutions that enable managed service providers to remotely monitor and manage their clients' IT systems and networks.
• Security and Data Protection Solutions: A comprehensive suite of offerings including data protection, patch management, endpoint security, web protection, email security and archiving, and vulnerability assessment tools.
• Business Management Solutions: Tools designed for professional services automation, automation and scripting, password management, and reporting and analytics to help MSPs efficiently operate their businesses.

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N-able (NABL) sells its cloud-based software solutions primarily to Managed Service Providers (MSPs).

These MSPs, which are N-able's direct customers, utilize N-able's platform to deliver IT support and services to their own clients, typically small and medium-sized enterprises (SMEs).

Given the nature of N-able's business model, which involves serving a broad base of MSP partners, individual customer names are generally not disclosed publicly by the company. Most MSPs are privately held small to medium-sized businesses themselves, rather than large public corporations. Therefore, specific names of major customer companies and their corresponding public symbols cannot be provided.

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• SentinelOne (S)
• Amazon (AMZN)
• Microsoft (MSFT)

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John Pagliuca President, Chief Executive Officer

John Pagliuca brings over 20 years of leadership experience, with a significant focus on the software and SaaS marketplace. He has served as Chief Executive Officer of N-able (formerly SolarWinds MSP) since April 2021, and prior to that, was Executive Vice President of SolarWinds and President of SolarWinds MSP. He joined SolarWinds with the acquisition of LOGICnow, where he served as Chief Financial Officer. Before joining LOGICnow, he was the Vice President of Finance and Operations of GFI Software. Prior to that, he was the Vice President of Finance for Airvana, a mobile data software company, where he played key roles in taking the company public in 2007 and growing it to over $500 million in revenue before its acquisition by a private equity firm in 2010. His background also includes finance positions at TeamViewer, Sandburst, and Arthur Andersen. N-able spun off from SolarWinds in 2021.

Tim O'Brien Executive Vice President, Chief Financial Officer

Tim O'Brien has served as N-able's Chief Financial Officer since the completion of its separation and distribution from SolarWinds on July 19, 2021. He previously served as Divisional Chief Financial Officer for N-able (formerly SolarWinds MSP) starting in April 2020, and as Vice President, Finance and Operations for N-able from May 2016 to April 2020. Mr. O'Brien joined SolarWinds with its acquisition of LOGICnow in May 2016, where he served as Director of Finance and Operations. Prior to LOGICnow, he held finance positions at Airvana and Teradyne. He has over 10 years of experience in the high-tech sector.

Frank Colletti Executive Vice President, Chief Revenue Officer

Frank Colletti was appointed Executive Vice President and Chief Revenue Officer of N-able in January 2024, having led Worldwide Sales since April 2020. He previously held the role of Senior Vice President of worldwide sales at SolarWinds. Colletti worked at N-able Technologies prior to its acquisition by SolarWinds in 2013 and also at Solidum. He has been with the company, including its prior iterations, since 2003.

Michael Adler Executive Vice President, Chief Technology and Product Officer

Michael Adler has served as Executive Vice President, Chief Technology and Product Officer of N-able (formerly SolarWinds MSP) since March 2021. Before joining N-able, Mr. Adler served as Chief Product Officer at RSA Security, a computer and network security company, from September 2020 to March 2021. Prior to that, he was Vice President, Product at RSA Security from January 2016 to September 2020. His career also includes roles at Constant Contact, Symantec, IMlogic, and Switchboard, Inc.

Kathleen Pai Executive Vice President, Chief People Officer

Kathleen Pai serves as the Executive Vice President and Chief People Officer at N-able.

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The key risks to N-able's business, a provider of cloud-based software solutions for managed service providers (MSPs), are primarily driven by intense market competition, margin pressures impacting profitability, and a significant reliance on its MSP channel.

1. Intense Competition and Market Share Erosion: The MSP software market is highly concentrated and intensely competitive, with N-able facing dominant, private equity-backed rivals like Kaseya and ConnectWise. These competitors are aggressively acquiring companies to build all-in-one platforms and bundling services, leading to N-able's market share in RMM/PSA solutions recently slipping. Competitors may develop superior products, offer more aggressive pricing, or establish stronger relationships with key MSPs, potentially eroding N-able's market share and growth trajectory. The threat of being outspent and outmaneuvered by these rivals is considered a significant long-term risk.
2. Margin Pressure and Profitability Challenges: N-able has experienced margin pressure and reported GAAP net losses in recent quarters, despite demonstrating revenue growth. This softening profitability is attributed to substantial investments in new capabilities, heightened acquisition-related expenses, and increased operating costs, particularly as the company pivots towards managed security services. For instance, net income swung to a loss in 2025, and adjusted EBITDA declined, with gross margin compression also noted.
3. Dependence on Managed Service Providers (MSPs): N-able operates on a "channel-first" strategy, selling its solutions almost exclusively through MSPs rather than directly to end-customers. This creates a risk where the loss of even a small number of large MSP partners could materially impact N-able's revenue and growth. Additionally, the company's performance is susceptible to economic downturns that could pressure IT spending by small and medium-sized businesses (SMBs), which would in turn affect N-able's MSP partners and potentially lead to reduced platform adoption or customer churn.

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N-able (NABL) operates within several significant addressable markets for its cloud-based software solutions, primarily serving Managed Service Providers (MSPs) and their small and medium-sized enterprise (SME) clients globally. The company itself estimates its total addressable market (TAM) to be approximately $50 billion, growing at 14% annually, specifically across security operations, data protection, and unified endpoint management.

Addressable Markets for N-able's Main Products and Services:

• Remote Monitoring and Management (RMM): The global Remote Monitoring & Management (RMM) Tools market was valued at approximately USD 12.45 billion in 2024 and is projected to reach USD 28.67 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period of 2025–2032.
• Security and Data Protection Solutions:
  • Data Protection: The global Data Protection Market size was valued at USD 160.70 billion in 2024 and is expected to reach USD 568.92 billion by 2032, growing at a CAGR of 17.21% from 2025-2032. The U.S. Data Protection Market alone was valued at USD 44.00 billion in 2024 and is expected to reach USD 153.40 billion by 2032. N-able's internal TAM for data protection was estimated at $14 billion as of Q2 2025.
  • Patch Management: The global Patch Management Market size is estimated to have a value of USD 894.1 million in 2025 and is expected to reach USD 2,365.7 million by the end of 2034, growing at a CAGR of 11.4% from 2025 to 2034. The U.S. Patch Management Market is projected to be valued at USD 293.3 million in 2025.
  • Endpoint Security: The global endpoint security market was valued at USD 24.15 billion in 2025 and is projected to reach USD 46.63 billion by 2035, expanding at a CAGR of 6.8% between 2026 and 2035. North America is expected to account for 34.5% of the global market share by 2035. N-able's internal TAM for unified endpoint management was $6 billion as of Q2 2025.
  • Email Security: The global Email Security Market is projected to grow from USD 6.83 billion in 2025 to USD 23.37 billion by 2035, exhibiting a CAGR of 13.08%. North America held a significant share of USD 3.2 billion in 2024.
  • Email Archiving: The global email archiving market is expected to grow from USD 8.01 billion in 2025 to USD 20.66 billion by 2031, registering a CAGR of 17.12% over 2026-2031. North America captured a 39.85% share in 2025.
• Business Management Solutions:
  • Professional Services Automation (PSA): The global professional services automation software market is estimated to be valued at USD 15.0 billion in 2025 and is projected to reach USD 44.5 billion by 2035, registering a CAGR of 11.5% over the forecast period. North America leads this market with about 38% market share.
  • Password Management: The global password management market size is calculated at USD 3.72 billion in 2025 and is predicted to increase to approximately USD 27.00 billion by 2035, expanding at a CAGR of 21.92% from 2026 to 2035. North America contributed 38.9% of the 2025 revenue.

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Expected drivers of future revenue growth for N-able (NABL) over the next 2-3 years include:

1. Growth in the Cybersecurity Market and Adoption of AI-Powered Solutions: N-able is strategically positioned to capitalize on the expanding cybersecurity market by offering business resilience solutions through unified endpoint management, security operations, and data protection. The company's focus on its AI-powered cybersecurity platform, which helps automate tasks, strengthen threat detection, and enable scaling for customers, is a significant growth driver.
2. Expansion within the Existing Managed Service Provider (MSP) Customer Base: N-able aims to increase revenue by cross-selling and upselling additional products and services to its current MSP partners. The successful integration and cross-sell of the Adlumin acquisition to existing MSP customers have already demonstrated the effectiveness of this strategy.
3. New Customer Acquisition and Channel Expansion: The company plans to acquire new customers and expand its reach through various channels, including managed service providers (MSPs) and value-added resellers (VARs). This channel-driven business model allows N-able to access a broad market of small and medium-sized businesses.
4. Launch of New AI-Powered Products and Services: N-able is developing and launching new AI-driven offerings, such as XDR (Extended Detection and Response), Disaster Recovery as a Service (DRaaS), and N-zo, an AI workflow assistant embedded in its Unified Endpoint Management (UEM) solution. These new product introductions are expected to provide significant monetization opportunities and drive revenue growth, particularly in the latter half of 2026 as they reach general availability.

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Share Repurchases

• N-able's Board of Directors approved a share repurchase program on March 12, 2025, authorizing the company to repurchase up to an aggregate of $75 million of its common stock.
• The program allows for repurchases on the open market or through privately negotiated transactions and does not have an expiration date.
• The company began executing on this share repurchase program in the second quarter of 2025.

Share Issuance

• In November 2024, N-able issued 1,570,762 shares of its common stock as part of the consideration for the acquisition of Adlumin.
• N-able reported proceeds of $1.296 million from the issuance of common stock under its employee stock purchase plan in Q1 2025.
• Frank Colletti, EVP and Chief Revenue Officer, was awarded 70,000 restricted stock units in February 2026 under the company's 2021 Equity Incentive Plan, with vesting scheduled to begin on the anniversary of February 15, 2026.

Outbound Investments

• N-able acquired Adlumin, a security platform provider, for approximately $266 million in November 2024.
• The consideration for the Adlumin acquisition included approximately $100 million in cash at closing, 1,570,762 shares of N-able's common stock, and $120 million in cash installments over the first two anniversaries of the closing.
• Up to an additional $30 million in potential cash earn-out payments are payable in 2025 and 2026, contingent on Adlumin achieving certain performance metrics.

Capital Expenditures

• Capital expenditures, including capitalized software development costs, were $29 million, or 6% of revenue, for the full year 2025.
• For the full year 2026, N-able anticipates capital expenditures, including capitalized software development costs, to be approximately 5% of total revenue.
• In the second quarter of 2025, capital expenditures, inclusive of $3 million in capitalized software development costs, amounted to $6.8 million, representing 5.2% of revenue.