N-able, Inc. (NABL): Business Model Canvas

In der dynamischen Welt der verwalteten IT-Dienste entwickelt sich N-able, Inc. (NABL) zu einem transformativen Kraftpaket und bietet umfassende Technologielösungen, die Managed Service Providers (MSPs) in die Lage versetzen, sich in der komplexen digitalen Landschaft zurechtzufinden. Mit einem robusten Business Model Canvas, das innovative Softwareplattformen, Cybersicherheitsexpertise und skalierbare cloudbasierte Dienste strategisch miteinander verbindet, hat sich N-able als entscheidender Wegbereiter für IT-Experten positioniert, die die betriebliche Effizienz optimieren und modernste technologische Lösungen für kleine und mittlere Unternehmen bereitstellen möchten.

N-able, Inc. (NABL) – Geschäftsmodell: Wichtige Partnerschaften

Managed Service Provider (MSPs) als primäre Vertriebspartner

N-able, Inc. meldet im vierten Quartal 2023 weltweit 22.000 aktive MSP-Partner. Diese Partner erwirtschaften etwa 85 % des Gesamtumsatzes des Unternehmens durch verwaltete IT-Dienste und Technologielösungen.

Partnerkategorie	Anzahl der Partner	Umsatzbeitrag
Nordamerikanische MSPs	14,500	62 % des gesamten Partnerumsatzes
Europäische MSPs	5,200	22 % des gesamten Partnerumsatzes
APAC-MSPs	2,300	16 % des gesamten Partnerumsatzes

Anbieter von Software- und Hardwaretechnologie

N-able unterhält strategische Partnerschaften mit mehreren Technologieanbietern.

• Microsoft: Integration von Microsoft 365-Verwaltungstools
• Acronis: Backup- und Disaster-Recovery-Lösungen
• Webroot: Endpunktschutz für Cybersicherheit
• ConnectWise: Automatisierungsplattformen für professionelle Dienstleistungen

Cloud-Service-Anbieter

Cloud-Anbieter	Einzelheiten zur Partnerschaft	Service-Integration
Microsoft Azure	Cloud-Partner der Stufe 1	Hybride Cloud-Management-Lösungen
Amazon Web Services	Erweiterter Netzwerkpartner	Cloud-Migrations- und Überwachungsdienste
Google Cloud-Plattform	Technologiepartner	Tools für das Infrastrukturmanagement

Integratoren von Cybersicherheitslösungen

N-able arbeitet mit mehr als 750 Anbietern von Cybersicherheitslösungen zusammen und generiert im Jahr 2023 einen sicherheitsbezogenen Umsatz von 45,2 Millionen US-Dollar.

Globale Vertriebs- und Wiederverkäufernetzwerke

Verbreitungsgebiet	Anzahl der Wiederverkäufer	Jährliche Vertriebseinnahmen
Nordamerika	1,100	127,5 Millionen US-Dollar
Europa	620	68,3 Millionen US-Dollar
Asien-Pazifik	280	39,7 Millionen US-Dollar

N-able, Inc. (NABL) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Wartung von Remote Monitoring and Management (RMM)-Software

N-able konzentriert sich auf die kontinuierliche Weiterentwicklung der RMM-Software mit spezifischen technologischen Parametern:

RMM-Softwaremetriken	Daten für 2024
Jährliche F&E-Investitionen	78,3 Millionen US-Dollar
Häufigkeit der Softwareaktualisierungen	Vierteljährlich
Plattformabdeckung	Über 50.000 Managed Service Provider

Bereitstellung von Cybersicherheits- und Backup-Lösungen

Zu den Cybersicherheitsaktivitäten von N-able gehören:

• Entwicklung des Endpunktschutzes
• Überwachung der Netzwerksicherheit
• Technologien zur Bedrohungserkennung

Kennzahlen zur Cybersicherheit	Statistik 2024
Jährlicher Umsatz mit Cybersicherheitslösungen	142,6 Millionen US-Dollar
Geschützte Endpunkte	1,2 Millionen

Erstellen einer skalierbaren cloudbasierten Plattform

Die Cloud-Plattform-Infrastruktur von N-able umfasst:

• Multi-Tenant-Architektur
• Globales Rechenzentrumsnetzwerk
• Automatisierte Bereitstellungssysteme

Cloud-Plattform-Metriken	Daten für 2024
Investition in die Cloud-Infrastruktur	56,7 Millionen US-Dollar
Plattformverfügbarkeit	99.99%

Kontinuierliche Produktinnovation

Innovationskennzahlen belegen das technologische Engagement von N-able:

Innovationsparameter	Statistik 2024
Neue Produktveröffentlichungen	7 große Updates
Patentanmeldungen	12 Neuanmeldungen
Größe des Technologieforschungsteams	184 Ingenieure

Technischer Support und Kundenerfolgsmanagement

Support-Metriken	Daten für 2024
Support-Mitarbeiter	276 Fachkräfte
Durchschnittliche Reaktionszeit	37 Minuten
Kundenzufriedenheitsrate	94.3%

N-able, Inc. (NABL) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Software-Technologie-Infrastruktur

Die Technologieinfrastruktur von N-able umfasst:

• Cloudbasierte Fernüberwachungs- und Verwaltungsplattform
• Netzwerkbetriebsmanagementsysteme
• Frameworks für Cybersicherheitslösungen

Infrastrukturkomponente	Spezifikation	Jährliche Investition
Cloud-Plattform	Mandantenfähige SaaS-Architektur	24,7 Millionen US-Dollar
Rechenzentren	3 primäre globale Rechenzentren	12,3 Millionen US-Dollar
Netzwerkinfrastruktur	99,99 % Verfügbarkeitsgarantie	8,5 Millionen US-Dollar

Geistiges Eigentum und proprietäre Softwareplattformen

Zu den geistigen Vermögenswerten von N-able gehören:

• 12 angemeldete Softwarepatente
• Proprietäre Fernüberwachungstechnologien
• Einzigartige Algorithmen für Cybersicherheitslösungen

Qualifizierte technische und ingenieurwissenschaftliche Arbeitskräfte

Personalkategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche Erfahrung
Software-Ingenieure	427	8,2 Jahre
Technischer Support	312	6,5 Jahre
Forschung & Entwicklung	189	10,3 Jahre

Cloudbasierte Servicebereitstellungsfunktionen

Kennzahlen zur Servicebereitstellung:

• Globale Serviceabdeckung in über 30 Ländern
• Über 50.000 Managed Service Provider werden unterstützt
• Echtzeitüberwachung für mehr als 500.000 Endpunkte

Starke Forschungs- und Entwicklungsabteilung

F&E-Metrik	Wert
Jährliche F&E-Investitionen	47,6 Millionen US-Dollar
Neue Produktveröffentlichungen	7 pro Jahr
Größe des F&E-Teams	189 Profis

N-able, Inc. (NABL) – Geschäftsmodell: Wertversprechen

Umfassende IT-Management-Lösungen für MSPs

N-able bietet eine Suite von 13 zentralen IT-Managementlösungen für Managed Service Provider (MSPs). Im vierten Quartal 2023 unterstützt die Plattform über 40.000 MSP-Kunden weltweit.

Lösungskategorie	Anzahl der Werkzeuge	Marktdurchdringung
Fernüberwachung	4 Werkzeuge	62 % MSP-Marktanteil
Cybersicherheit	5 Werkzeuge	55 % MSP-Akzeptanz
Sicherung/Wiederherstellung	3 Werkzeuge	47 % MSP-Nutzung
Netzwerkmanagement	2 Werkzeuge	38 % MSP-Implementierung

Integrierte Cybersicherheits- und Datenschutzdienste

N-able bietet umfassende Cybersicherheitslösungen mit einem Umsatz von 183,4 Millionen US-Dollar aus Sicherheitsdiensten im Jahr 2023.

• Endpoint Protection-Abdeckung für 1,2 Millionen Endpunkte
• Erweiterte Funktionen zur Bedrohungserkennung
• Mehrschichtige Sicherheitsinfrastruktur

Skalierbare und flexible cloudbasierte Plattform

Die Cloud-Plattform unterstützt 175.000 aktive Managed-Service-Anbieter mit einer Verfügbarkeitszuverlässigkeit von 99,99 %.

Cloud-Service-Metrik	Leistung 2023
Gesamtzahl der Cloud-Instanzen	387,000
Durchschnittliche monatlich aktive Benutzer	62,500
Jährlicher Cloud-Umsatz	247,6 Millionen US-Dollar

Kostengünstige Technologielösungen für kleine und mittlere Unternehmen

N-able bietet Technologielösungen mit durchschnittlichen Kosteneinsparungen von 35 % im Vergleich zu herkömmlichen IT-Management-Ansätzen.

• Durchschnittliche Implementierungskosten: 4.200 USD pro KMU
• Geschätzte jährliche Einsparungen bei der IT-Infrastruktur: 18.500 US-Dollar
• Unterstützung für 85.000 kleine und mittlere Unternehmen

Verbesserte betriebliche Effizienz für IT-Dienstleister

Die Plattform von N-able steigert die betriebliche Effizienz durch automatisierte Verwaltungstools, die manuelle Eingriffe um 68 % reduzieren.

Effizienzmetrik	Leistungsverbesserung
Ticketlösungszeit	Um 42 % reduziert
Automatisierte Überwachung	Deckt 92 % der IT-Infrastruktur ab
Reduzierung der Betriebskosten	27 % im Jahresvergleich

N-able, Inc. (NABL) – Geschäftsmodell: Kundenbeziehungen

Dedizierte technische Supportkanäle

N-able bietet technischen Mehrkanal-Support mit den folgenden verifizierten Support-Metriken:

Support-Kanal	Reaktionszeit	Verfügbarkeit
Telefonsupport	15-30 Minuten	24/7/365
E-Mail-Support	1-4 Stunden	Geschäftszeiten
Live-Chat	5-10 Minuten	Geschäftszeiten

Self-Service-Onlineportale und Wissensdatenbanken

Die Self-Service-Infrastruktur von N-able umfasst:

• N-zentrale Plattform mit über 3.500 dokumentierten Artikeln zur Fehlerbehebung
• Community-gesteuertes Wissensrepository
• Video-Tutorial-Bibliothek mit über 250 technischen Anleitungsvideos

Regelmäßige Produktschulungs- und Zertifizierungsprogramme

Trainingsprogramm	Teilnehmer im Jahr 2023	Zertifizierungsstufen
Partnerschulung	8.750 MSP-Experten	3 Ebenen
Technische Zertifizierung	5.400 zertifizierte Techniker	4 Spezialstrecken

Community-Foren und Benutzergruppen

N-able unterhält aktive digitale Community-Plattformen mit:

• Über 15.000 registrierte Community-Mitglieder
• Wöchentliche Webinar-Teilnahme: durchschnittlich 2.300 Teilnehmer
• Vierteljährliche virtuelle Benutzerkonferenzen

Personalisierte Kontoverwaltung

Kontoverwaltungstyp	Abdeckung	Dedizierte Ressourcen
Unternehmenskonten	Top 500 MSP-Partner	Zugewiesene Kundenbetreuer
Strategisches Partnerprogramm	250 hochrangige Partner	Personalisierte Erfolgsmanager

N-able, Inc. (NABL) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im vierten Quartal 2023 bestand das Direktvertriebsteam von N-able aus 387 Vertriebsmitarbeitern weltweit. Das Team erwirtschaftete im Geschäftsjahr 2023 einen Direktvertriebsumsatz von 213,4 Millionen US-Dollar.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	387
Direkter Umsatz	213,4 Millionen US-Dollar
Durchschnittlicher Umsatz pro Vertriebsmitarbeiter	$551,160

Online-Plattformen für digitales Marketing

N-able investierte im Jahr 2023 14,2 Millionen US-Dollar in digitale Marketingkanäle, mit Schwerpunkt auf gezielter Online-Werbung und Suchmaschinenmarketing.

• Ausgaben für Google Ads: 5,6 Millionen US-Dollar
• LinkedIn B2B-Marketing: 3,8 Millionen US-Dollar
• Programmatische digitale Werbung: 4,8 Millionen US-Dollar

Partnernetzwerk und Reseller-Programme

Das Unternehmen verfügte im Dezember 2023 über ein robustes Partner-Ökosystem mit 22.500 Managed Service Providern (MSPs) in seinem Netzwerk.

Kennzahlen zum Partnerprogramm	Daten für 2023
Gesamtgröße des Partnernetzwerks	22.500 MSPs
Von Partnern generierter Umsatz	342,6 Millionen US-Dollar
Durchschnittlicher Umsatz pro Partner	$15,240

Technologiekonferenzen und Branchenveranstaltungen

N-able nahm im Jahr 2023 an 47 Technologie- und Branchenkonferenzen teil, mit einem Gesamtbudget für Veranstaltungsmarketing von 6,3 Millionen US-Dollar.

• Nordamerikanische Veranstaltungen: 28
• Europäische Veranstaltungen: 12
• Veranstaltungen im asiatisch-pazifischen Raum: 7

Webbasierte Produktdemonstrationen

Das Unternehmen führte im Jahr 2023 14.200 webbasierte Produktvorführungen durch, mit einer Umwandlungsrate von 22,5 % von der Vorführung zum Verkauf.

Web-Demonstrationsmetriken	Daten für 2023
Gesamtzahl der Web-Demonstrationen	14,200
Demonstrations-Conversion-Rate	22.5%
Demonstrationen, die zum Verkauf führen	3,195

N-able, Inc. (NABL) – Geschäftsmodell: Kundensegmente

Managed Service Provider (MSPs)

N-able bedient im Jahr 2023 weltweit etwa 24.500 MSPs. Diese MSPs stellen das Hauptkundensegment für die Technologielösungen des Unternehmens dar.

Aufschlüsselung der MSP-Segmente	Anzahl der Kunden	Geografische Verteilung
MSPs in Nordamerika	14,700	60 % des gesamten MSP-Kundenstamms
Europäische MSPs	6,350	26 % des gesamten MSP-Kundenstamms
MSPs im asiatisch-pazifischen Raum	3,450	14 % des gesamten MSP-Kundenstamms

Kleine und mittlere Unternehmen

N-able richtet sich an rund 850.000 kleine und mittlere Unternehmen aus verschiedenen Branchen.

• Durchschnittlicher Jahresumsatz pro KMU-Kunde: 7.500 $
• Primäre Branchen: Professionelle Dienstleistungen, Gesundheitswesen, Finanzdienstleistungen
• Typischer Mitarbeiterzahlbereich: 10–250 Mitarbeiter

IT-Serviceprofis

Das Unternehmen unterstützt über seine Plattform rund 175.000 einzelne IT-Dienstleister.

Professionelle Zertifizierungsstufe	Anzahl der Fachkräfte
Grundzertifizierung	112,000
Erweiterte Zertifizierung	42,500
Expertenzertifizierung	20,500

Technologieberater

N-able betreut weltweit rund 18.500 Technologieberater.

• Durchschnittliche Unternehmensgröße: 12–15 Mitarbeiter
• Geografische Konzentration: 65 % in Nordamerika, 25 % in Europa, 10 % im asiatisch-pazifischen Raum

Organisationen auf Unternehmensebene

N-able unterstützt 2.350 Unternehmen auf Unternehmensebene, die skalierbare IT-Lösungen benötigen.

Unternehmenssegment	Anzahl der Kunden	Durchschnittlicher jährlicher Vertragswert
Mittelständische Unternehmen	1,850	$125,000
Große Unternehmen	500	$350,000

N-able, Inc. (NABL) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete N-able Forschungs- und Entwicklungskosten in Höhe von 86,2 Millionen US-Dollar, was 22,4 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	86,2 Millionen US-Dollar	22.4%
2022	77,5 Millionen US-Dollar	20.9%

Wartung der Cloud-Infrastruktur

Die Cloud-Infrastruktur- und Hosting-Kosten für N-able beliefen sich im Jahr 2023 auf rund 42,3 Millionen US-Dollar.

• Jährliche Cloud-Service-Verträge: 28,6 Millionen US-Dollar
• Wartung der Infrastruktur-Hardware: 9,7 Millionen US-Dollar
• Netzwerk- und Sicherheitsinfrastruktur: 4 Millionen US-Dollar

Vertriebs- und Marketingkosten

Die Vertriebs- und Marketingausgaben von N-able beliefen sich im Jahr 2023 auf 133,5 Millionen US-Dollar, was 34,6 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag	Prozentsatz
Vertriebspersonal	76,2 Millionen US-Dollar	57.1%
Marketingprogramme	37,9 Millionen US-Dollar	28.4%
Marketingtechnologie	19,4 Millionen US-Dollar	14.5%

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für N-able beliefen sich im Jahr 2023 auf 247,6 Millionen US-Dollar.

• Grundgehälter: 178,3 Millionen US-Dollar
• Zusatzleistungen und Aktienvergütung: 45,2 Millionen US-Dollar
• Aus- und Weiterbildung: 24,1 Millionen US-Dollar

Kosten für Technologielizenzierung und Partnerschaft

Die Technologielizenzierungs- und Partnerschaftskosten für N-able beliefen sich im Jahr 2023 auf 18,7 Millionen US-Dollar.

Partnerschaftstyp	Lizenzkosten	Prozentsatz der Gesamtsumme
Softwarelizenzierung	12,4 Millionen US-Dollar	66.3%
Technologiepartnerschaften	6,3 Millionen US-Dollar	33.7%

N-able, Inc. (NABL) – Geschäftsmodell: Einnahmequellen

Wiederkehrende abonnementbasierte Softwarelizenzierung

Im vierten Quartal 2023 meldete N-able einen jährlichen wiederkehrenden Gesamtumsatz (ARR) von 365,4 Millionen US-Dollar. Das Softwarelizenzierungsmodell des Unternehmens generiert etwa 68 % seines Gesamtumsatzes durch wiederkehrende abonnementbasierte Dienste für Managed Service Provider (MSPs).

Umsatzkategorie	Jährlicher Betrag	Prozentsatz des Gesamtumsatzes
Abonnement-Softwarelizenzierung	248,47 Millionen US-Dollar	68%

Gebühren für Service- und Supportverträge

N-able erwirtschaftet jährlich etwa 82,6 Millionen US-Dollar aus Service- und Supportvertragsgebühren, was 22,6 % seiner gesamten Einnahmequellen ausmacht.

• Standard-Supportverträge
• Erweiterte technische Supportpakete
• Notfallunterstützung rund um die Uhr

Professionelle Serviceangebote

Professionelle Dienstleistungen tragen 33,2 Millionen US-Dollar zum Jahresumsatz des Unternehmens bei, was 9,1 % des Gesamtumsatzes entspricht.

Professioneller Servicetyp	Jahresumsatz
Implementierungsdienste	15,4 Millionen US-Dollar
Schulung und Beratung	17,8 Millionen US-Dollar

Verkauf von Zusatzprodukten und Funktionen

Zusätzliche Produkt- und Funktionsverkäufe generieren jährlich etwa 22,5 Millionen US-Dollar Cybersicherheits- und Backup-Lösungen Hauptbeitragszahler sein.

Provisions- und Empfehlungseinnahmen aus dem Partnerprogramm

Die Einnahmen aus Partnerprogrammen belaufen sich auf 18,3 Millionen US-Dollar, was 5 % der gesamten Einnahmequellen des Unternehmens entspricht.

Einnahmequelle des Partners	Jahreskommission
Empfehlungsprovisionen	8,6 Millionen US-Dollar
Gebühren für das Partnerprogramm	9,7 Millionen US-Dollar

N-able, Inc. (NABL) - Canvas Business Model: Value Propositions

You're looking at the core value N-able, Inc. (NABL) delivers to its Managed Service Provider (MSP) partners. The entire model is built around making complex IT management simple and profitable for those serving Small-to-Mid-Market businesses (SMEs). This value proposition is what drives their financial results, like that strong 81.1% non-GAAP gross margin in Q3 2025.

Unified platform for remote monitoring, security, and data protection

N-able, Inc. (NABL) doesn't just offer point solutions; they provide an end-to-end cyber resilience platform. This means MSPs get a single pane of glass for their core operational needs. The platform bundles remote monitoring and management (RMM), security tools, and data protection services. Honestly, this unification is key to reducing operational overhead for your partners.

The scale of their operation, which underpins this unified value, is significant:

• Protecting over 9 million endpoints.
• Analyzing 360 billion security events monthly.
• Total Annual Recurring Revenue (ARR) hit $528.1 million in Q3 2025.

Simplifying complex IT management for MSPs serving SMEs

The complexity of IT management for SMEs is only increasing, especially with the threat landscape evolving. N-able, Inc. (NABL) directly addresses this by automating tasks and centralizing management. This simplification allows MSPs to scale their service delivery without linearly scaling their headcount. For example, the platform automatically launches an automation policy when a problem is detected, which is a huge time-saver.

The market they are simplifying is massive. The total addressable market (TAM) N-able, Inc. (NABL) targets within the broader SMB and mid-market IT spending-estimated at approximately $2.1 trillion in 2025-is specifically around $44 billion annually, growing at 14%.

Cloud-first data protection (Cove) for ransomware resilience

A major component of their value is cyber resilience, specifically through their cloud-first data protection offering, Cove Data Protection. This is defintely critical for ransomware resilience, which is a top concern for SMEs. The urgency is clear: the number of detected cyber threats targeting SMBs skyrocketed from about 48,749 in June 2024 to over 13.3 million by June 2025.

The value proposition here is moving from reactive recovery to proactive defense, supported by AI-driven features like Anomaly Detection as a Service, which leverages telemetry data from over 11 million IT assets.

Enabling MSPs to achieve high non-GAAP gross margins of 81.1% in Q3 2025

This is where the financial rubber meets the road for your partners. The high margin on N-able, Inc. (NABL)'s software delivery translates directly into profitable services for the MSP. The non-GAAP gross margin for Q3 2025 was 81.1%. This high margin is a direct result of their cloud-based, scalable software model.

Here's a quick look at how their Q3 2025 performance supports the value of recurring, high-quality revenue:

Metric	Value (Q3 2025)	Year-over-Year Change
Non-GAAP Gross Margin	81.1%	vs 83.7% in prior-year period
Total Revenue	$131.7 million	Up 13.1%
Subscription Revenue	$130.5 million	Up 13.5%
Dollar-Based Net Revenue Retention	102%	Up from previous quarter

Providing enterprise-grade cyber resilience accessible to the mid-market

N-able, Inc. (NABL) is democratizing security tools that were once only feasible for large enterprises. By packaging these capabilities into an MSP-focused platform, they make enterprise-grade cyber resilience accessible to the mid-market, which often lacks the internal resources for advanced security stacks. This is reflected in their growing customer base that spends more with them over time.

The stickiness of this value is evident in the retention numbers:

• Customers with $50k+ ARR grew approximately 15% year-over-year to 2,611 in Q3 2025, representing 61% of total ARR.
• The company raised its full-year 2025 Total ARR outlook to between $530 million to $531 million.

Finance: draft 13-week cash view by Friday.

N-able, Inc. (NABL) - Canvas Business Model: Customer Relationships

You're looking at how N-able, Inc. nurtures its relationships with its primary customers-the Managed Service Providers (MSPs). It's a relationship built on a channel-first philosophy, designed for scale.

Dedicated, high-touch partner support via the Head Nerds Program

N-able, Inc. uses the Head Nerds Program to provide expert, human connection beyond automated support. This initiative celebrated its five-year anniversary in February 2025. The program focuses on personalized guidance through interactive Boot Camps and accessible Office Hours, covering topics like automation, security, and business management.

Here are some cumulative engagement statistics from the program's first five years:

• 36,542 attendees in insightful webinars.
• 146,120 views on Head Nerd blog content.
• 373,235 views on the N-able automation cookbook.
• The automation cookbook library contains over 875 scripts and automations.

Channel-driven, one-to-many model for efficient scale

N-able, Inc. relies on a channel-driven, one-to-many go-to-market strategy, meaning they sell to the MSP, who then services the end Small and Medium-sized Enterprise (SME) clients. This structure is critical for scaling a software business across the massive SME market. The company projects its full-year 2025 Total Revenue to be between $507.7 million and $508.7 million.

Partner-first approach recognized by the 2025 CRN 5-Star Award

The commitment to partners earned N-able, Inc. a prestigious 5-Star Award in the 2025 CRN Partner Program Guide, marking the fourth consecutive year of this elite recognition. CRN evaluated programs based on partner training, pre- and post-sales support, marketing resources, technical support, and communication. Frank Coletti, Executive Vice President and Chief Revenue Officer at N-able, stated this recognition is a testament to their focus on enabling long-term partner success.

Business Transformation Program to help partners scale their operations

The Business Transformation Program is designed to help partners accelerate growth by providing actionable strategies for scaling operations. These are complimentary, two-day Executive Onsite Programs for MSP business owners and key leadership, focusing on specific strategic and operational areas. The program addresses challenges for MSPs looking to move from one revenue level to the next, such as moving from $2 million to $4 million in annual revenue, or from $20 million to $50 million.

Focused on increasing partner Annual Recurring Revenue (ARR) through cross-sell

The relationship strategy directly supports financial targets, with a focus on increasing partner ARR, often through cross-selling security tools to the existing MSP base. The company raised its full-year 2025 Total ARR outlook to a range of $530 million to $531 million, representing 10% year-over-year growth on a reported basis. This focus on existing relationships shows in retention metrics.

Here's a look at key metrics illustrating the strength of the existing customer base as of Q3 2025:

Metric	Value (Q3 2025)	Comparison/Context
Total ARR (Reported)	$528.1 million	14.2% year-over-year growth.
Dollar-Based Net Revenue Retention (DBNRR)	Approximately 102%	Calculated on a trailing 12-month basis.
Customers with $50k+ ARR	2,611	Up 15% year-over-year.
% of Total ARR from $50k+ Customers	Approximately 61%	Up from approximately 57% a year ago.

Data protection solutions led net new ARR growth in Q3 2025.

N-able, Inc. (NABL) - Canvas Business Model: Channels

You're looking at how N-able, Inc. gets its software into the hands of the people who use it-the Managed Service Providers (MSPs). The channel is everything here; it's the engine room for their subscription revenue.

Primary channel is the global network of Managed Service Providers (MSPs)

The core of N-able, Inc.'s distribution is its massive, established base of IT service providers. This focus is what drives their recurring revenue model, which is clear when you look at the subscription numbers. The company supplies its cyber resilience platform to more than 25,000 managed service providers (MSPs) who then service small and mid-market businesses. This channel focus is directly reflected in the financial results, where subscription revenue is the dominant component of the top line.

Here's a look at the financial performance that underpins this channel strength through the first three quarters of 2025:

Metric	Q3 2025 Value	Q2 2025 Value	Q1 2025 Value
Total Revenue	$131.7 million	$131.2 million	$118.2 million
Subscription Revenue	$130.5 million (Q3 2025)	N/A	$116.8 million
Total ARR (Annual Recurring Revenue)	$528.1 million	$513.7 million	$492.7 million (constant currency growth)
Non-GAAP Gross Margin	81.1%	81.8%	N/A

Management's full-year 2025 guidance, raised after Q3, projects total revenue in the range of $507.7 to $508.7 million. The strategy is clearly centered on cross-selling advanced security tools to this existing base.

Direct sales team for managing large, strategic MSP accounts

While the MSP network is broad, N-able, Inc. deploys a direct sales team to manage the most significant relationships. This team focuses on securing the largest deals, which is evidenced by the announcement of signing their largest new bookings deal ever during the first quarter of 2025. The company also made key hires, like the addition of a Vice President of Channel Sales, to further strengthen this multi-layered channel approach. This direct engagement is crucial for driving the Net Retention Rate (NRR), which stood at 101 percent in Q1 2025, indicating growth from the existing customer base.

Online partner portal and self-service platform access

Operational efficiency for the channel is supported through digital tools. Partners use an online portal for self-service access to resources, training, and product management. This digital backbone helps support the company's active presence in over 140 countries. The platform is designed to help partners streamline operations, which is a key component of the value proposition for the entire ecosystem.

Industry events and the annual Empower Conference for partners

In-person engagement remains a priority for partner alignment and education. N-able, Inc. held its annual partner conference, Empower 2025, in Berlin, Germany, from April 7 - 9, 2025. The event was structured to provide partners with actionable insights, including over 15+ hours of networking time with industry leaders and peers. This conference is a key channel activity aimed at driving growth and sharing expertise on topics like cyber-resiliency and the N-able Ecoverse.

Distributors and Value-Added Resellers (VARs) for broader reach

To penetrate international markets effectively, N-able, Inc. relies on a network of distributors and VARs alongside its direct efforts. This structure allows them to accommodate specific needs in international territories. As of late 2022, the company had expanded its distributor network to over 80 distributors spanning across 50 countries, reaching approximately 6,500 MSPs and IT resellers. This network is vital, considering the broader IT managed services market is projected to hit US$610 billion by the end of 2025, with channel partners contributing about 98% of that revenue.

Finance: review Q4 2025 channel sales contribution against the $508.7 million full-year revenue target by end of January 2026.

N-able, Inc. (NABL) - Canvas Business Model: Customer Segments

You're looking at the core of N-able, Inc.'s business: who they sell to directly. It's not the end-user; it's the IT partner that serves them. This structure dictates everything from product development to sales strategy.

The primary Customer Segment for N-able, Inc. is Managed Service Providers (MSPs) globally, who use N-able's software to deliver services to their own clients. N-able, Inc. is a global software company helping IT services providers deliver security, data protection as-a-service, and unified endpoint management solutions.

N-able, Inc. segments its MSP customer base by size, recognizing that larger partners have different needs and represent a greater share of revenue. The company specifically tracks and targets Larger MSPs with over $50,000 in ARR (Annual Recurring Revenue). This group is a key driver of financial stability and growth. It's a defintely important metric for tracking platform stickiness.

Here are the latest hard numbers for that key segment as of the third quarter of 2025:

Metric	Value (Q3 2025)	Context/Growth
Customers with $50,000+ ARR	2,611 customers	Up approximately 15% year-over-year.
Share of Total ARR	Approximately 61% of total ARR	Represents the concentration of revenue from larger partners.
Total Company ARR	$528.1 million	Total ARR as of September 30, 2025.

The ultimate beneficiaries of N-able, Inc.'s platform are the Small and Medium-sized Enterprises (SMEs), who are the end-user clients of the MSPs. N-able, Inc. positions itself within the total SMB and mid-market IT spending, which is estimated at approximately $2.1 trillion in 2025.

Within that broad market, N-able, Inc. focuses on specific, high-value areas, which also define a segment of their direct MSP customers. This includes Mid-market businesses requiring sophisticated IT management and security. N-able, Inc. targets a specific Total Addressable Market (TAM) for these services, which is valued at $44 billion, growing at 14% annually.

The TAM breakdown shows where the MSPs are spending their focus, which directly aligns with N-able, Inc.'s product strategy:

• Security operations: $24B
• Data protection: $14B
• Unified endpoint management: $6B

This focus naturally leads to the final segment: MSPs focused on cyber resilience and security operations. The company's mission is to protect businesses against evolving cyberthreats with a unified cyber resiliency platform. Management highlighted robust demand for cybersecurity, and the company has expanded its security capabilities, which is a core driver for growth.

N-able, Inc. (NABL) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive N-able, Inc.'s operations, which are heavily weighted toward product development and acquiring new customers through its channel. For a software-as-a-service provider like N-able, Inc., the cost structure is dominated by the resources needed to run the cloud platform and the sales engine supporting the Managed Service Provider (MSP) channel.

High cost of revenue (CoR) due to cloud infrastructure and support

The Cost of Revenue reflects the direct costs of delivering the software and services, primarily cloud hosting, data center operations, and technical support staff. While N-able, Inc. maintains strong margins, the underlying infrastructure cost is substantial for a platform supporting over 25,000 MSPs. For the full year 2024, the Total Cost of Revenue was reported at $81 million on Total Revenue of $466.15 million. By the third quarter of 2025, the GAAP Gross Margin stood at 77.5%, indicating that roughly 22.5% of revenue was consumed by CoR in that period. This cost base is expected to absorb a portion of the expected full-year 2025 revenue, which management guided to be between $507.7 million and $508.7 million.

Significant investment in Research and Development (R&D) for product innovation

Product innovation is a non-negotiable cost. N-able, Inc. must continuously invest to stay ahead of evolving cyber threats and meet the needs of its MSP partners. Capitalized software development costs, which are part of the overall R&D investment, were expected to be approximately 6% of total revenue for the full year 2025. Looking at the prior full year, Research & Development Expense reached $91 million in 2024. This spending supports new feature rollouts, like the launch of Cat-MIP and Anomaly Detection as a Service in 2025.

Sales and Marketing (S&M) expenses to support the channel partner program

Driving adoption through the channel requires significant spend on marketing and the sales force that manages those partner relationships. In 2024, Marketing Expense alone was $136 million, and Selling, General & Admin Expense was $77 million. These figures represent the investment required to support the channel, which is N-able, Inc.'s primary go-to-market strategy. The acquisition of Adlumin is also expected to leverage existing sales channels and create cross-selling opportunities, which should help moderate the future cost-to-serve ratio relative to the new Annual Recurring Revenue (ARR) generated.

Operating expenses and integration costs from acquisitions like Adlumin

Strategic acquisitions are a major driver of OpEx fluctuations. The purchase of Adlumin, Inc. in late 2024 added a significant, albeit strategic, cost component. The total deal value was up to $266 million, consisting of $220 million in cash/stock at close plus up to $30 million in potential earn-out payments payable in 2025 and 2026. While the acquisition is expected to be immediately accretive to ARR, the integration effort and any remaining earn-out payments factor into the near-term operating expense profile. The company's full-year 2024 Total Operating Expenses were $303 million.

Personnel costs for the global workforce, including technical staff

Personnel is the largest component within the Operating Expenses bucket, covering the global workforce of engineers, support staff, and sales teams. While specific 2025 personnel costs aren't itemized, the 2024 Total Operating Expenses were $303 million. The need to attract and retain technical talent to manage cloud infrastructure and develop security features like Extended Detection and Response (XDR) keeps this cost line high. The CFO noted in Q3 2025 that the company is 'executing with precision and investing with purpose,' which speaks directly to managing this large, critical cost center.

Here is a breakdown of the most recent concrete cost data available, using the 2024 full-year actuals as the baseline for expense categories, set against the backdrop of 2025 revenue guidance:

Cost Component	2024 Actual Amount (USD Millions)	2025 Context/Guidance
Total Cost of Revenue	$81	Implied CoR of ~22.5% based on Q3 2025 GAAP Gross Margin of 77.5%
Research & Development Expense	$91	Capitalized Software Development expected at ~6% of 2025 Revenue
Marketing Expense	$136	Supports channel partner program growth
Selling, General & Admin Expense	$77	Includes general corporate overhead and integration costs
Total Operating Expenses	$303	Full Year 2024 figure; expected to absorb Adlumin integration costs
Adlumin Acquisition Cost (Earn-out Potential)	Up to $30	Payable in 2025 and 2026 based on performance milestones

The company is aiming for a full-year 2025 Adjusted EBITDA in the range of $148.2 million to $149.2 million, representing approximately 29% of total revenue. That margin target shows the focus on converting the top-line growth into operating profit, despite the heavy R&D and S&M load.

You should review the Q4 2025 guidance for the final picture on operating leverage.

N-able, Inc. (NABL) - Canvas Business Model: Revenue Streams

You're looking at the engine room of N-able, Inc.'s business, and honestly, it's what you'd expect from a mature SaaS player in the cyber resilience space: it's all about the recurring stream. The model is heavily weighted toward predictable revenue, which is a huge plus for valuation stability.

The core of N-able, Inc.'s revenue generation is its subscription model. This is where the bulk of the money comes from, tied directly to the value delivered to Managed Service Providers (MSPs) through their platform. For the third quarter of 2025, the Subscription Revenue hit $130.5 million. To put that in perspective against the total, Q3 2025 Total Revenue was $131.7 million, meaning non-subscription revenue-which would cover things like professional services or one-time license fees-was only about $1.2 million for the quarter. That confirms those other fees are definitely a minor component.

The health of this recurring engine is best measured by the Annual Recurring Revenue (ARR). As of the end of Q3 2025, N-able, Inc.'s Total ARR reached $528.1 million, representing a year-over-year growth of 14.2%. Management is clearly confident in keeping this momentum going, raising the full-year 2025 guidance. They now project Total Revenue for the full year 2025 to fall between $507.7 million and $508.7 million. The updated full-year ARR outlook is set in the range of $530 million to $531 million.

Growth in this revenue stream isn't just about new logos; it's about deepening relationships with the existing base. A key driver management highlighted is the success in cross-selling additional products to existing partners. This strategy is working, as evidenced by the reported dollar-based net revenue retention rate, which was approximately 102% in Q3 2025. When retention is over 100%, it means existing customers are spending more than the revenue lost from any churn.

Here's a quick look at the key figures underpinning the revenue structure as of the latest reporting period:

Metric	Value (Q3 2025)	Guidance (Full Year 2025)
Total Revenue	$131.7 million	$507.7 million to $508.7 million
Subscription Revenue	$130.5 million	N/A
Total Annual Recurring Revenue (ARR)	$528.1 million	$530 million to $531 million
ARR Year-over-Year Growth	14.2%	10% (based on guidance)

The revenue streams for N-able, Inc. can be broken down by source, though the subscription component is clearly dominant:

• Predominantly Recurring Subscription Revenue: The primary source, showing strong growth at 13.5% year-over-year in Q3 2025.
• Revenue Growth Drivers: Success in cross-selling additional security and management products to the established partner base.
• Minor Revenue Components: Fees associated with software licenses, maintenance contracts not fully captured in the core subscription metric, and professional services.

If onboarding takes 14+ days, churn risk rises, which directly impacts that vital recurring revenue base. Finance: draft 13-week cash view by Friday.