N-able, Inc., a global provider of cloud-based software solutions for IT service providers, reported strong revenue growth in its fiscal year 2024, reaching $466.1 million, a 10.5% increase compared to $421.9 million in 2023. Net income also increased, rising to $31.0 million in 2024 from $23.4 million in 2023. Adjusted EBITDA, a non-GAAP measure, reached $169.4 million in 2024, up from $143.4 million in the previous year. The company attributed this growth to its multi-dimensional land and expand model and global presence.
Significant changes compared to the previous fiscal year included a 7% increase in customers with annual recurring revenue (ARR) exceeding $50,000, reaching 2,349 customers by December 31, 2024. These customers represented approximately 57% of total ARR in 2024, up from 56% in 2023. The company also noted a decrease in other revenue, primarily due to a decline in maintenance and professional services revenue. The company's total ARR increased by 8.6% to $482.5 million as of December 31, 2024.
A key strategic development was the acquisition of Adlumin, Inc. in November 2024 for a total consideration of $227.2 million, including cash and stock. This acquisition aimed to expand N-able's security offerings by incorporating Adlumin's security operations platform. The company also highlighted its Technology Alliance Program and integrated solution partnerships as key drivers of platform extensibility and growth. The company's employee count increased to 1,773 as of December 31, 2024, with 131 employees joining from Adlumin.
Operationally, N-able experienced growth in its customer base and ARR, driven by increased demand for its data protection, security, and unified endpoint management solutions. The company's dollar-based net revenue retention rate was 103% for the trailing twelve months ended December 31, 2024. The company's international operations continued to be a significant contributor to revenue, accounting for 51.8% of total revenue in 2024. The company also emphasized its partner success strategies, designed to help its customers grow their businesses and increase consumption of N-able's solutions.
Looking ahead, N-able intends to focus on expanding its IT service provider footprint, facilitating MSP-enabled growth, widening its surface area, driving innovation, broadening its co-managed IT footprint, and delivering its solutions globally. The company acknowledged several risk factors, including competition, economic conditions, cybersecurity threats, and the potential impact of the SolarWinds cyberattack. The company also stated that it does not currently intend to pay dividends on its common stock.
About N-able, Inc.
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