N-able Gets Private Equity Growth InvestmentBy Jessica Davis | Posted 2011-10-07 Email Print
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Remote monitoring and management software vendor N-able Technologies says the investment of an undisclosed sum by Accel-KKR is earmarked for strategic growth including an acquisition program and enhancements of the existing platform.
Remote monitoring and management software vendor N-able Technologies has received a private equity investment earmarked for strategic growth, the company has announced. Accel-KKR made the investment of an undisclosed but double-digit million dollar sum.
N-able said the investment will be used to fund the growth and expansion its RMM platform, to fuel international growth, and to fund an acquisition program.
N-able plans to roll out a technology acquisition during its annual Partner Summit in Phoenix, Oct. 12 to Oct. 14., CEO Gavin Garbutt told Channel Insider. Garbutt described the acquisition program as strategic and designed to add additional functionality or tools to the existing platform.
"We’ve got a number of key new product offerings coming in next six months," Garbutt said. "We’ve things coming out that we think will change industry, including a new advanced automation manager."
Accel-KKR Senior Associate David Cusimano and Managing Director Gregory Williams will both join the eight-member N-able board of directors. N-able is privately held and previous funding has come from its founders.
Since introducing its Freemium strategy in the first quarter of 2010, N-able has grown its SMB end-user customers to 52,000, a growth rate of 175 percent. Over 2,200 MSPs use N-able’s N-central RMM technology.