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.