Austin tech company SolarWinds moves forward with business spinoff plan – Austin American-Statesman

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Austin tech company SolarWinds moves forward with business spinoff plan – Austin American-Statesman

Austin-based software maker SolarWinds is moving forward with the proposed spin-off of its managed service provider business into a separate company.T

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Austin-based software maker SolarWinds is moving forward with the proposed spin-off of its managed service provider business into a separate company.

The company has filed a registration statement with the Securities and Exchange Commission on the spinoff plan, which would create a separate company called N-able that would be solely focused on core IT management.  The new company would trade under the ticker symbol “NABL,” according to the securities filing.

SolarWinds makes network and IT management software. The company, which was founded in 1999 in Tulsa before moving to Austin in 2006, serves a range of industries including big-name companies and government entities, now has more than 3,000 employees globally. 

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The spin-off plans is not finalized, and any deal would still require approval by SolarWinds’ board of directors. If approved, the deal could be completed by the end of June, according to SolarWinds. 

Currently, Solarwinds operates its managed service provider business as a separate unit, with is own executive team and product, sales, technical support, and research and development teams.  Managed service providers typically provide network, application and system management services.

In August, SolarWinds announced in August that it was considering spinning off its managed service provider business into a standalone company.  Then-CEO Kevin Thompson said the spinoff has the potential to enhance both the managed service provider business and core IT management businesses and increase their values. Sudhakar Ramakrishna has since replaced Thompson as SolarWinds’ CEO.

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Solarwinds made headlines in recent months as it found itself at the center of a huge cybersecurity breach that allowed hackers access to multiple federal agencies and more than 100 private-sector companies.  Reports first broke in December that a sophisticated hacking group, likely Russian in origin, got into a Solarwinds update server and inserted malicious code that hitched a ride into other systems, including those of high-ranking government officials. 

Details have since emerged to show the breach likely went undetected for months. The company was the first known supply chain victim of a hack that also affected other technology companies, including Microsoft, and is likely one of the biggest cyberattacks in U.S. history. 

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