According to founder Gavin Garbutt, the money is needed to deal with an acceleration of small and medium-sized businesses served by managed service provider partners.
The number of businesses increased to 52,000 from 20,000 as the managed service partners received software that makes it simpler to do remote management of IT systems than in the past.
"So we've had just exponential growth within our customer growth, and you can imagine that impacts all the rest of the metrics in the company. The wonderful thing is those growth numbers are accelerating for us," Mr. Garbutt said.
The money came from Accel-KKR, a technology-focused private equity firm.
N-able plans to increase its overall headcount by 15 to 20 per cent. The company has about 130 employees in Ottawa.
N-able, founded in 2000, provides IT monitoring and management automation software. The company is profitable but would not release year-over-year revenue growth figures.
