SolarWinds Corp SWI → N-able, Inc. NABL
| Parent | SolarWinds Corp SWI |
|---|---|
| Spinco | N-able, Inc. NABL |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 N-able share for every 2 SolarWinds shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
This is not a clean hundred-percent distribution, and two separate things shrink the real float. Immediately before the distribution closed, N-able issued 20,623,282 new shares in a private placement and paid essentially all of the proceeds straight through to SolarWinds — so roughly 11.5 percent of the post-spin share count never reached SolarWinds shareholders and the spinco kept none of the cash. Separately, SolarWinds' private-equity sponsors held about 68.8 percent of N-able's voting power on day one, so the tradable float was a fraction of the 178.7 million shares outstanding. SolarWinds itself was taken private in 2025, so the parent's price series stops mid-window.
Still live.
Catalyst clock
- 2020-08-06Separation announced
- 2021-03-29Form 10 filed
- 2021-06-15Form 10 last amended
- 2021-06-25Form 10 effective
- 2021-07-12Record date
- 2021-07-09When-issued trading opens
- 2021-07-19Distribution
- 2021-08-12First standalone earnings
- —Index inclusion announced
Performance since separation
| N-able, Inc. since separation | -70.96% |
|---|---|
| SolarWinds Corp over the same window | stopped trading before the window closed |
| S&P 500 (SPY) over the same window | +80.18% |
| Russell 2000 (IWM) over the same window | +41.67% |
| Excess over the S&P 500 | -151.14% |
| Excess over the Russell 2000 | -112.63% |
Measured from the first regular-way close on or after the distribution — 2021-07-20 at 12.50 — to 2026-08-21 at 3.63. Window: 5.1 years. The 2021-07-19 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2021-03-29 · 0001628280-21-005811Initial Form 10 registration statement
- 10-12B/Afiled 2021-06-15 · 0001628280-21-012241Final Form 10 amendment; its information statement still leaves the ratio, record date and distribution date blank
- 8-Kfiled 2021-06-28 · 0001739942-21-000110SolarWinds release of June 25, 2021 setting the July 12 record date, the July 19 distribution and the July 9 when-issued start under NABL WI
- 8-Kfiled 2021-07-12 · 0001628280-21-013721Item 1.01 private placement; Ex-99.3 is the final information statement carrying the 1-for-2 ratio
- 8-Kfiled 2021-07-20 · 0001628280-21-014062Completion: distribution effected as of 11:59 p.m. New York time on July 19, 2021
- 10-Qfiled 2021-08-12 · 0001834488-21-000008First periodic report; gives 158,124,341 shares distributed against 178,747,623 outstanding, and the 68.8 percent sponsor stake
Notes
SolarWinds' separation of its managed-service-provider software business. The final Form 10 amendment still had the ratio and both dates blank; they appear first in the definitive information statement attached to the July 12 8-K, which is a recurring pattern in this data and the reason the last amendment is never assumed to be the source. Classified non-focus-increasing: parent and spinco share a four-digit SIC and both sell IT management software.