And I have some news on MSP tools today.
NinjaOne, a company that provides an IT management platform, has raised $231.5 million in a Series C funding round led by ICONIQ Growth, bringing its valuation to $1.9 billion. The platform offers visibility and management tools for endpoints, automating authentication, monitoring, and patching to ensure security. With over 17,000 customers and 7 million endpoints under its management, NinjaOne’s platform is used by large-scale customers such as HelloFresh, Nissan, and the University of Oxford.
Jay McBain from Canalys noted quote, “The valuation on current revenue to $1.9 billion is astronomical. The detail that isn’t being talked about is why Frank Slootman ($3.6 billion net worth) from Snowflake and Amit Agarwal from Datadog would buy into the round? These two companies have a combined valuation of $116.5 billion and are on the forefront of the Gen AI revolution. NinjaOne is growing at 70%+ serving a TAM of over 335,000 managed services providers who delivered $488 billion last year in revenue. Betting on the 4th place (market share) platform company in a fast growing market is one thing (HubSpot anyone?), but another more important detail is the massive data lake that is being created across NinjaOne’s 17,000 customers and 7 million endpoints.”
And I almost missed this, so props to Rich Freeman at Channelholic. ConnectWise appointed Gregg Lalle as Senior Vice President and General Manager of IT Nation, a new business unit focused on global partner growth and success.
I’ll highlight his take on Automation Nation too, noting ConnectWise urges MSPs to adopt AI and RPA technologies faster, emphasizing the first mover advantage. They are committed to maintaining security and responsible AI while continuing to develop features that combine AI and RPA for more automated actions.
NinjaOne is in the big leagues now with that size and scale. Not a scrappy upstart. Note that inight – what combination of data and AI will be coming to NinjaOne? The emphasis on data capabilities points to a growing trend in MSP tools toward utilizing data analytics and AI for enhanced endpoint management and security.
Second, I wanted to call out something. When creating a business unit, It operates with its own objectives, strategies, and often a dedicated team, while still aligning with the overall mission and goals of the broader organization. They typically have their own financial statements and performance metrics, enabling targeted management decisions and accountability. Thus, expect that ConnectWise is now measuring those investments specifically.