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• It's like **Shopify for IT service providers (MSPs)**, offering a platform for them to manage and grow their business.
• Think of it as **QuickBooks for managed IT services**, providing essential operational software for MSPs.
• A **ServiceNow for small and mid-sized managed IT providers**, helping them monitor, manage, and secure their clients' IT.

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N-able (NABL) Major Products & Services:

• Remote Monitoring and Management (RMM): A platform enabling IT professionals to remotely monitor, manage, and automate tasks across their clients' IT infrastructures.
  Service Category: IT Management Software
• Data Protection (Backup & Disaster Recovery): Solutions for backing up critical data and systems to ensure business continuity and rapid recovery from disruptions.
  Service Category: Data Security & Business Continuity
• Security Solutions: A suite of tools including endpoint protection, vulnerability management, and email security to defend against cyber threats.
  Service Category: Cybersecurity Software
• Service Desk & Professional Services Automation (PSA): Software for managed service providers to streamline ticketing, project management, billing, and customer relationship management.
  Service Category: Business Operations Software for MSPs
• Network Management: Tools designed to discover, monitor, and manage network devices and their performance for optimal operation.
  Service Category: IT Management Software

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N-able (NABL) primarily sells its software and services to other companies, operating under a Business-to-Business (B2B) model.

Its major customers are:

• Managed Service Providers (MSPs): N-able provides a comprehensive suite of IT management solutions, including remote monitoring and management (RMM), data backup and recovery, security, and professional services automation (PSA). These solutions are purchased and utilized by Managed Service Providers (MSPs) to deliver IT support, cybersecurity, and management services to their own end-clients.

Due to the nature of N-able's business model, which involves selling software subscriptions to a large and diverse base of MSPs worldwide, N-able typically does not have "major customers" that individually account for a significant portion (e.g., 10% or more) of its total revenue, as would be disclosed in financial filings. The MSPs that purchase N-able's solutions are generally smaller, privately held businesses, and N-able does not publicly disclose the names of individual MSP customers.

In essence, N-able's products are the foundational tools that MSPs leverage to efficiently manage the IT infrastructure, security, and operations for their ultimate end-clients, which are typically small and medium-sized businesses (SMBs) across a wide range of industries and geographies.

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• Amazon.com, Inc. (Symbol: AMZN)
• Microsoft Corporation (Symbol: MSFT)

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John Pagliuca, President and CEO

John Pagliuca has served as President and Chief Executive Officer of N-able since 2020 (and since April 2021 as CEO and director). He brings over 20 years of leadership experience with a significant focus on the software and SaaS industry. Prior to his current role, he served as Executive Vice President of SolarWinds and President of SolarWinds MSP. He joined SolarWinds through the acquisition of LOGICnow, where he was Chief Financial Officer. Before LOGICnow, he was Vice President of Finance and Operations at GFI Software, and prior to that, Vice President of Finance for Airvana, a mobile data software company. At Airvana, he played key roles in the company going public in 2007 and reaching over $500 million in revenue before its acquisition by a private equity firm in 2010. He currently serves on the board of 8x8, Inc..

Tim O'Brien, Executive Vice President, Chief Financial Officer

Tim O'Brien has been N-able's Chief Financial Officer since 2020. He joined N-able through the acquisition of LOGICnow, where he served as Director of Finance and Operations. Prior to LOGICnow, he held finance positions at Airvana and Teradyne. He brings over 10 years of experience in the high-tech space and has been instrumental in improving operational efficiencies.

Michael Adler, Executive Vice President, Chief Technology and Product Officer

Michael Adler joined N-able in 2021 and has served as Executive Vice President, Chief Technology and Product Officer since March 2021. He has over 20 years of experience building software platforms and solutions. He previously held executive roles at RSA Security, Constant Contact, and Symantec.

Kathleen Pai, Executive Vice President, Chief People Officer

Kathleen Pai serves as N-able's Executive Vice President, Chief People Officer. She was recognized for her role in the company's culture when CEO John Pagliuca was named a top CEO based on employee feedback.

Frank Colletti, Executive Vice President, Chief Revenue Officer

Frank Colletti is N-able's Executive Vice President, Chief Revenue Officer. He previously served as Group Vice President, Worldwide Sales, N-able, and as Vice President Sales, N-able. Mr. Colletti also held roles at N-able Technologies prior to its acquisition by SolarWinds in 2013 and Solidum.

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Here are the key risks to N-able's business:

1. Risk of Cyberattacks and Security Incidents: As a provider of cybersecurity and IT management solutions, N-able faces the inherent and significant risk that its own systems, or those of its Managed Service Provider (MSP) partners or their small to medium-sized business (SMB) and mid-market customers, could be compromised by cyberattacks or other security incidents. This includes the potential for breaches, the insertion of malicious code, malware, or ransomware, and the exploitation of vulnerabilities, which could lead to data theft, operational disruptions, legal and financial liabilities, reputational harm, and decreased customer trust and retention. This risk has been explicitly highlighted in N-able's forward-looking statements and SEC filings.

2. Intense Competition and Rapid Technological Change in the Cybersecurity Market: The cybersecurity industry is characterized by rapid technological advancements and a highly competitive landscape. N-able's success depends on its ability to continuously innovate, effectively develop and integrate new security products, and outpace competitors in addressing evolving cyber threats. Failure to keep pace with new technologies, anticipate market demands, or differentiate its unified cyber resilience platform effectively could lead to a loss of market share, reduced pricing power, and hinder its growth prospects. The company is currently making significant investments in security products and undergoing channel expansion, which entails execution risk in this dynamic environment.

3. Execution Risks from Strategic Transitions and Slowing Revenue Growth: N-able is undergoing multiple strategic transitions, including expanding its channel, investing heavily in security products, and pursuing cross-sell and platformization initiatives. These transitions are noted to be pressuring profitability and creating execution risks. The company has also experienced a slowing revenue growth rate and a decline in its Net Revenue Retention (NRR) rate in recent quarters, suggesting challenges in growing revenue from existing customers and acquiring new ones at previous rates. Ineffective execution of these strategic initiatives could negatively impact its financial performance and long-term growth.

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N-able (NABL) targets a global addressable market for its main products and services, which include security operations, data protection, and unified endpoint management. The total addressable market (TAM) is estimated to be $44 billion, with an anticipated annual growth rate of 14%.

This market size is further broken down by product category:

• Security operations: $24 billion
• Data protection: $14 billion
• Unified endpoint management: $6 billion

N-able primarily serves Managed Service Providers (MSPs) and IT departments globally, with approximately 51% of its 2023 revenue originating from outside the U.S..

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1. Expansion of Cyber Resilience Platform and AI-Powered Solutions: N-able is driving revenue growth through the continuous enhancement and expansion of its end-to-end cyber resilience platform. This includes strengthening security capabilities with new product launches such as Anomaly Detection as a Service (ADaaS) for Cove Data Protection, and Cat-MIP for AI accuracy in cybersecurity and IT management. The company is strategically investing in and embedding innovative AI capabilities across its platform to provide advanced cyber defense solutions, aiming for near-autonomous cyber defense. These AI-powered offerings, which leverage proprietary data from millions of IT assets, are designed to address a major market pain point by democratizing advanced security operations center (SOC) capabilities at a fraction of the cost, thereby attracting new customers and deepening engagement with existing ones.
2. Cross-Selling and Upselling Enhanced Product Portfolio: A significant driver for N-able is the substantial opportunity to cross-sell its comprehensive product portfolio across existing and new customers. The company has identified a considerable cross-sell opportunity across its three main solution areas: Security Operations, Data Protection, and Unified Endpoint Management. This strategy, combined with an increasing number of customers contributing over $50,000 in Annual Recurring Revenue (ARR), indicates successful efforts to expand the value derived from its customer base by encouraging the adoption of additional products and services.
3. Strategic Acquisitions and Channel-First Go-to-Market Model: N-able's acquisition strategy, exemplified by the integration of companies like Adlumin, has successfully expanded its product offerings and customer base, contributing to subscription revenue growth. Coupled with a robust channel-driven, one-to-many go-to-market model, N-able leverages distributors, value-added resellers (VARs), and managed service providers (MSPs) to efficiently scale its reach within the small to medium-sized business (SMB) and mid-market segments. This approach allows for broad market penetration and strong customer relationships, underpinning consistent revenue expansion.
4. Pricing and Packaging Optimization with Long-Term Contracts: N-able's focus on enhanced pricing and packaging strategies, alongside securing long-term contracts, is a key driver for future revenue growth. Over 50% of the company's monthly recurring revenue comes from long-term contracts, which are expected to lead to higher retention and expansion over time. This approach not only provides a predictable and stable income stream but also contributes to an improved net retention rate.
5. Addressing Growing Cybersecurity Regulatory Compliance: N-able is actively launching global compliance initiatives and providing resources to help IT service providers meet increasing regulatory requirements, such as those related to CMMC 2.0, NIS2, and Cyber Essentials. This strategic focus positions N-able as a crucial partner for businesses navigating a complex regulatory landscape, driving demand for its security and data protection solutions as companies seek to achieve cyber resilience and readiness.

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Share Repurchases

• N-able authorized a share repurchase program on March 12, 2025, for up to $75 million of its common stock.
• This share repurchase authorization does not have an expiration date.

Share Issuance

• N-able was spun off from SolarWinds in July 2021, with shares of N-able common stock distributed pro rata to SolarWinds stockholders.
• The number of outstanding shares increased from approximately 179.8 million as of February 28, 2022, to about 184.8 million as of February 22, 2024.
• As of November 2025, N-able had approximately 186.33 million shares outstanding.

Outbound Investments

• In the fourth quarter of 2024, N-able completed the strategic acquisition of Adlumin, which expanded its cloud-native XDR (Extended Detection and Response) and MDR (Managed Detection and Response) capabilities.

Capital Expenditures

• N-able's projected capital expenditures are $24 million for 2025, $26 million for 2026, and $28 million for 2027.
• These projected capital expenditures represent approximately 5% of revenue annually through 2029.