AUSTIN, Texas and WAKEFIELD, Mass. – (BUSINESS WIRE) – July 20, 2021–
SolarWinds Corporation (NYSE: SWI) (” Solar winds “), a leading provider of simple, powerful and secure IT management software, and N-able, Inc. (NYSE: NABL) (” N-capable “), a leading provider of cloud-based software solutions for managed service providers, today announced the completion of the previously announced split of managed service provider SolarWinds (” MSP ”) Into a stand-alone and separately listed public company named N-able, Inc. Following the separation, which was completed on July 19, 2021, N-able will provide cloud-based software solutions for service providers Managed Services (“MSP”), enabling them to support digital transformation and growth in small and medium-sized businesses. SolarWinds will retain its core business of IT management, primarily focused on providing IT infrastructure management software to organizations N-able’s common stock will trade on the New York Stock Exchange under the symbol “NABL”.
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As previously announced, shareholders of record of SolarWinds at the close of business on July 12, 2021, the date of registration of the distribution, received one common share of N-able for two common shares of SolarWinds they held as of such date. dated. SolarWinds shareholders received cash instead of any fractional share.
This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the post-separation plans of SolarWinds and N-able. These forward-looking statements are based on the beliefs and assumptions of management and on the information currently available to it. Forward-looking statements include all statements that are not historical fact and can be identified by words such as “aim”, “anticipate”, “believe”, “may”, “could”, “seek”, “should” , “Feel”, “” expect “,” will “,” should “,” plan “,” intend “,” estimate “,” continue “,” might “or similar expressions and aspects negative of these terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by them. forward-looking statements Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) risks relating to the potential spin-off of N-able into a newly formed public company and listed separately, including the fact that the process of potential completion of the split could disrupt or adversely affect the consolidated or separate activities, operating results and financial position, that the split might not bring all or part of the expected benefits for one or the other of the activities; (b) the risks related to the cyber incident disclosed in December 2020 (the “Cyber Incident”), including with regard to (1) the discovery of new or additional information relating to the Cyber Incident, including in regarding its scope, access to SolarWinds and N-able environments and related activities during this period, and the related impact on current or former systems, products, employees and customers of the companies, (2) the possibility that mitigation and remediation efforts regarding the cyber incident may fail, (3) the possibility that additional confidential, proprietary or personal information, including information from current or former employees and customers of SolarWinds or N- able, were accessed and exfiltrated as a result of the cyber incident, (4) numerous financial, legal, reputational and other risks to us associated with the cyber incident, including the risk that the incident or nses of companies to it, including g in relation to the provision of notice to any data subject, may result in the loss, compromise or corruption of proprietary data and information, loss of business at the as a result of termination or non-renewal of agreements or a reduction in purchases or upgrades of our products, serious reputational damage negatively affecting relationships with customers, partners and suppliers, and investor confidence , increased staff wear and tear and distraction of key and other personnel, US or foreign regulatory investigations and enforcement actions, litigation, indemnification obligations, damages for breach of contract, penalties for violation of applicable laws or regulations, costs major repair and other liability, (5) the risks that our insurance coverage, including coverage relating to certain damage to safety urity and privacy and complaint costs, is not available or sufficient to compensate for all the responsibilities that we incur in connection with these matters and (6) the possibility that our s Advice to secure our internal environment, improve our environment development process and ensuring the security and integrity of the software we deliver to our customers may not be effective or sufficient to protect against future actors or threat attacks or be perceived by existing and potential customers as sufficient to remedy the damage caused by the cyber incident; (c) the possibility that the global COVID-19 pandemic could adversely affect our business, results of operations and financial condition; (d) any of the following, either generally or as a result of the impacts of the cyber incident or the global COVID-19 pandemic on the global economy or on our business operations and financial condition or on business operations and the financial conditions of the respective customers of the companies, their end customers and the respective potential customers of the companies: (1) reductions in information technology expenses or delays in purchasing decisions of customers, their customers end users and potential customers, (2) the inability to sell products to new customers or to sell additional products or upgrades to existing customers, (3) any decrease in net renewal or retention rates, ( 4) the inability to generate large volumes of high quality leads from digital marketing initiatives and convert those leads into new business at high conversion rates ceptables, (5) timing and adoption of new products, product upgrades or pricing model changes by SolarWinds, N-able or their investors, (6) potential currency gains and losses related to expenses and sales denominated in currencies other than the functional currency of an associated entity and (7) the risks associated with international transactions; (e) the possibility that operating profit may fluctuate and decline as a percentage of sales as each company incurs additional expenses to support its business or develop its business; (f) any failure to successfully identify, complete and integrate acquisitions and effectively manage growth; (g) the status of SolarWinds as a controlled company and following the Distribution, the status of N-able as a controlled company; (h) N-able’s status as an emerging growth company and (i) other risks and uncertainties described in more detail in documents filed or provided to the Securities and Exchange Commission, including the risk factors discussed in N-able’s registration statement on Form 10 filed June 15, 2021, SolarWinds annual report on Form 10-K for the period ended December 31, 2020 filed on March 1, 2021, SolarWinds quarterly reports on Form 10- Q for the quarter ended March 31, 2021 filed on May 10, 2021 and the quarter ended June 30, 2021 that SolarWinds expects to file by August 9, 2021 and N-able’s quarterly report on Form 10-Q for the quarter ended June 30, 2021 that N-able expects to file on or before August 16, 2021. All information provided in this press release is as of the date hereof and neither SolarWinds nor N-able undertake to update this information, unless the law required.
SolarWinds is a leading provider of simple, powerful and secure IT management software. Our solutions empower businesses around the world, regardless of type, size or complexity, to accelerate business transformation in today’s hybrid IT environments. We are continuously collaborating with all types of technology professionals – IT services and operations professionals, DevOps and SecOps professionals, and database administrators (DBAs) – to understand the challenges they face in maintaining infrastructure, High performance and highly available computing applications and environments. The information we gain from it, in places like our THWACK online community, enables us to meet customer needs today and in the future. Our user focus and commitment to excellence in end-to-end hybrid IT management has made SolarWinds a global leader in observability, IT service management, application performance and database management solutions. of data.
N-able (formerly SolarWinds MSP) enables Managed Service Providers (MSPs) to help small and medium businesses navigate the digital evolution. With a flexible technology platform and powerful integrations, N-able enables MSPs to easily monitor, manage and protect their end customers’ systems, data and networks. N-able’s growing portfolio of security, automation, backup and recovery solutions are designed for IT service management professionals. N-able simplifies complex ecosystems and enables customers to solve their most pressing challenges. N-able provides extensive and proactive support, through rewarding partner programs, hands-on training and growth resources, to help MSPs deliver exceptional value and succeed at scale.
© 2021 SolarWinds Worldwide, LLC. All rights reserved.
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KEYWORD: UNITED STATES NORTH AMERICA TEXAS MASSACHUSETTS
INDUSTRY KEYWORD: INTERNET SECURITY DATA MANAGEMENT TECHNOLOGY SOFTWARE
SOURCE: SolarWinds Worldwide, LLC.
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PUB: 07/20/2021 7:30 a.m. / DISC: 07/20/2021 7:31 a.m.