N-able Spin-Out On Track for Q2 2021
The SolarWinds MSP business has been re-branded as N-able ahead of the spin-out. Also, as previously announced, SolarWinds MSP President John Pagliuca will be CEO of N-able.
The N-able business now supports more than 25,000 MSPs. Those MSPs, in turn, support more than 500,000 businesses, Ramakrishna said during the earnings call.
The N-able business and associated MSP software were not involved in the Orion attack, company officials have stated based on security forensics work by KPMG and CrowdStrike, among other investigative efforts.
Still, the cyberattack slightly impacted January 2021 sales in the MSP software business as some partners and customers assessed the potential impact of the Orion incident, SolarWinds’ CFO said during the earnings call. Once SolarWinds was able to assure MSPs that the attack did not involve the MSP software business, MSP-related sales returned to their usual performance, SolarWinds’ CFO said during the earnings call.
SolarWinds in mid-2020 announced a plan to explore the SolarWinds MSP spin-out. The resulting N-able business is expected to trade under its own stock symbol — with existing SolarWinds shareholders and private equity backers like Thoma Bravo and Silver Lake continuing to own the MSP business.
Stay tuned to this blog for more updates from the earnings call.