N-able is exploring a potential sale after “attracting acquisition interest” from Barracuda Networks.
Sources familiar with the situation informed Reuters that the Burlington software vendor is engaged in a sale process that draws private equity firms.
N-able and Barracuda are keeping quiet about the deal for now.
Barracuda is owned by PE firm KKR, having been acquired by PE firm Thomas Bravo for about £3.42 billion in 2022.
In 2021, N-able became a public company after separating from software firm SolarWinds, which Silver Lake and Thomas Bravo had purchased for £3.85 billion in 2016.
With a market value of about £2.14 billion, N-able reported its Q1 2024 earnings earlier this month, noting a 14 per cent revenue increase year over year.
During an earnings call, n-able president and CEO John Pagliuca said it was a strong start to the year.
“We experienced widespread demand across our expanding software stack and progressed significant initiatives within the company. Our MSP customers encounter considerable challenges managing increasingly complex IT environments for small and medium enterprise clients. We believe our multi-product platform is well-positioned to address these challenges and assist MSPs in growing their businesses.”
“We aim to be the preferred vendor for MSPs globally and are keen to build on the results achieved in the first quarter.”
For its first quarter, the company reported total revenue of £97.26 million, which equates to zero per cent year-over-year growth or 13.7 per cent year-over-year growth on a constant currency basis.
N-able’s stock price increased nearly 10 per cent to £11.84 per share in Wednesday’s trading.
