N-able Business Ecosystem

A Visual Overview of Corporate Relationships and Market Position

N-able Business Ecosystem N-able MSP Platform TIMELINE 2013 SolarWinds $120M Jul 2021 Spin-off Aug 2022 KKR buys Barracuda May 2024 Sale Exploration Nov 2024 Adlumin $266M Present Ongoing Negotiations PAST SolarWinds Acquired 2013 $120M PRESENT Adlumin Acquired 2024 $266M POTENTIAL DEAL Barracuda Interested in Acquiring Negotiations Ongoing KKR-Owned Potential Not Finalized COMPETITORS Kaseya ConnectWise Datto INVESTORS • Silver Lake • Thoma Bravo • KKR SIMILAR NETWORK EFFECTS & EMERGING STARTUPS CrowdStrike Elastic N.V. Arqit Quantum Abstract Security Concentric AI Emerging cybersecurity companies with complementary capabilities to N-able

Key Information

Acquisition History

N-able was acquired by SolarWinds in 2013 for $120M and later spun off in July 2021. In November 2024, N-able acquired Adlumin for $266M to enhance its cybersecurity portfolio.

Potential Acquisition (Not Finalized)

As of May 2024, N-able is exploring a potential sale. Barracuda Networks (owned by KKR) has shown interest as a potential acquirer. This deal has NOT been finalized - negotiations are ongoing with no conclusion yet. If it happened, it would combine security and IT management functions.

Market Competition

N-able competes primarily with ConnectWise and Kaseya in the MSP tools platform market. Kaseya's acquisition of Datto for $6.2B has influenced market dynamics, positioning N-able as a potential takeover target.

Key Investors

Silver Lake and Thoma Bravo hold significant stakes in N-able and are involved in the sales process. KKR, which owns Barracuda Networks, is also a key player in this ecosystem.