How else has COVID-19 impacted IT?
COVID has accelerated a lot of macro trends that were benefiting Kaseya. One of them is small to midsize businesses have been adopting technology at a rate that hasn‘t been seen since enterprises did it in early 2000. And the economic reality of COVID has forced small to midsized businesses to further increase how much they spend on technology. Because now, unlike in the past where a small and midsized business--which by the way all get their IT from MSPs--would invest in technology for competitive advantage, now they have to do it literally to survive. And the best example I can think of are doctors’ offices. Most doctors’ offices in this country are independent businesses with five to 20 people. And people were not allowed to go to the doctor for non-emergencies. So 90 percent of their revenue goes down the drain. It’s not like a typical recession where revenues might be off 10, 15, or even 20 percent. They went to the near zero. The world has never seen that before. It’s never happened, even in times of war. The doctor’s office can’t be open, so we have to adjust. The only way they can get revenue is if they can figure out how to do telemedicine. And that’s how most doctors’ offices stayed open for a four-month or five-month window.
Has that impacted Kaseya's bottom line?
We‘ve been very lucky because our financial performance is incredibly good in this time. Our growth rate from March until the end of the year we’re forecasting right around 20 percent. In this crappy market, in the worst economy in history, we’re going to grow 20 percent.
