N-Able (NABL) Investor Day 2025 summary

Strategic vision and business model evolution

• Focused on enabling digital evolution for SMBs and mid-market companies, empowering IT professionals to operate efficiently and securely.

• Evolved from a single-channel MSP model to a multi-channel approach, targeting both MSPs and VARs for broader market access.

• Expanded product suite from UEM to include cloud-first data protection (Cove) and security operations (Adlumin), forming a comprehensive cyber resilience platform.

• Leveraging open ecosystem philosophy, with 67% API call growth and integration with leading third-party security and IT vendors.

• Nearly half of revenue is generated outside the U.S., reflecting a strong global presence.

Market opportunity and growth levers

• Addressing a $44 billion TAM within a $2.1 trillion global IT spend, with core markets growing at 14% CAGR.

• Three primary growth levers: accelerating security operations, scaling channel go-to-market, and extracting value from existing customers via cross-sell and pricing.

• Adlumin acquisition accelerates XDR/MDR offerings and opens significant greenfield and cross-sell opportunities, especially in the mid-market and VAR channels.

• White space opportunity estimated at $2.5 billion, with a goal to increase average revenue per device from ~$4 to $30 per month.

• Security segment now drives 36% of new customer ARR, up from 29% in FY'21, reflecting a shift toward security-led growth.

Product and technology differentiation

• Platform includes best-in-class UEM, cloud-native data protection, and AI-driven security operations.

• Adlumin’s solution is endpoint-agnostic, highly automated (80% AI-driven), and can be sold as software-only or as a managed service.

• Cove data protection leverages True Delta technology for efficient, cloud-based backup and rapid recovery.

• Open API architecture enables seamless integration with tools like ServiceNow and third-party security solutions.

• Customers report significant reductions in downtime, labor, and costs, with high satisfaction and strong partnership engagement.