BURLINGTON, Mass. - N-able, Inc. (NYSE: NABL), a global software company offering IT solutions, has announced new vendor partnerships within its Technology Alliance Program (TAP). These collaborations aim to enhance its open MSP ecoverse, providing managed service providers (MSPs) with increased efficiency and a wider array of options for improved business outcomes.
The latest additions to the N-able TAP include integrations with Cove and N-central products, as well as a unified management platform and advanced cybersecurity features. These integrations are designed to streamline workflows through automation and offer MSPs the ability to better monitor, manage, and secure their clients' IT systems.
Among the new integrations, Bocada offers backup operation oversight, while AlertOps presents advanced alert management solutions. DeskDay introduces a next-gen conversational Professional Services Automation (PSA) with customer ticketing apps, and PIXM provides AI-powered phishing prevention. Additionally, Hudu delivers a centralized documentation platform for MSPs.
David Weeks, VP of Partner Experience at N-able, emphasized the company's commitment to simplifying the daily operations of MSPs, allowing them to work more efficiently and exceed customer expectations. He stated that the TAP and the broader Ecoverse vision are central to this commitment, providing MSPs with the tools and knowledge to achieve their goals.
N-able's TAP invites industry-leading technology companies to integrate their solutions with N-able's offerings, creating a trusted community of providers focused on MSP success. The program supports MSPs by offering a variety of third-party integrations and services, enhancing their ability to serve customers with flexibility and choice.
Providers interested in joining the N-able TAP can apply through the company's online platform. N-able continues to fuel IT service providers with software solutions to monitor, manage, and secure client systems and networks, driving growth and protecting customers with a scalable platform and a flexible portfolio of integrations from leading technology providers.
This expansion within N-able's MSP ecoverse is based on a press release statement.
In other recent news, N-able Inc. reported a solid financial performance in the second quarter of 2024, with revenue reaching $119.4 million, marking a 13% year-over-year growth. This success was largely driven by their security solutions and data protection offerings, with long-term contracts now accounting for 40% of the company's revenue. The company also projected continued growth in its third quarter and full-year guidance.
Additionally, N-able's subscription revenue saw a 14% YoY increase to $117.4 million. They ended the quarter with 2,194 partners contributing $50,000 or more in annual recurring revenue. The company's gross margin stood at 84.7%, with adjusted EBITDA increasing by 34% YoY to $46.8 million.
Despite facing challenges in net dollar retention rate due to changes in pricing, packaging, and contract rationalization, bookings increased by 20% YoY, driven by new customer acquisition and sales of new products. Looking ahead, N-able plans to continue enhancing its IT management platform and expand its security offerings, while expecting a more normalized net dollar retention rate in the second half of 2025.
InvestingPro Insights
As N-able, Inc. (NYSE: NABL) fortifies its Technology Alliance Program (TAP) with new vendor partnerships, the company's financial metrics reflect a robust business model that may interest investors. With a market capitalization of $2.36 billion, N-able is positioned as a significant player in the IT solutions sector for managed service providers (MSPs).
InvestingPro data highlights the company's impressive gross profit margin of 84.28% over the last twelve months as of Q2 2024, underscoring its ability to maintain profitability amidst its expansion efforts. Additionally, the company's revenue growth over the same period stands at 13.66%, indicating a healthy increase in its financial performance.
An InvestingPro Tip that stands out for N-able is the forecast for net income growth this year, signaling potential for increased profitability. Furthermore, the company's liquid assets surpassing short-term obligations is a testament to its financial stability and resilience. Investors may also find the company's low PEG ratio of 0.61 as of Q2 2024 an encouraging sign of its growth prospects relative to its earnings.
For investors seeking more in-depth analysis, there are over 10 additional InvestingPro Tips available, including insights on earnings revisions and valuation multiples. To explore these further, one can visit the dedicated InvestingPro page for N-able at https://www.investing.com/pro/NABL.
As N-able continues to innovate and expand its MSP ecoverse, these financial metrics and insights can provide a valuable perspective for stakeholders monitoring the company's progress and potential for future growth.
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