Bloomberg Law
March 17, 2023, 8:00 PM

N-able Inc. Sued Over Silver Lake, Thoma Bravo Investment Deals

Mike Leonard
Mike Leonard
Legal Reporter

An investor sued N-able Inc., claiming its investment agreements with Silver Lake Group LLC and Thoma Bravo LLC improperly give them control over its board of directors and matters the board is legally required to oversee.

The lawsuit in Delaware’s Chancery Court accuses the IT services company of illegally giving the two private equity giants “contractual veto power over a wide array of corporate decisions” despite their combined ownership stake of just 30%. Silver Lake and Thoma Bravo aren’t named as defendants.

“Delaware’s renowned and historically successful corporate law rests on the bedrock principle of director primacy,” according to the ...