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Kaseya CEO Fred Voccola On His Rivals, Private Equity And A Possible IPO

The outspoken leader of the ITSM tool provider chimed in on where he sees growth coming from in 2021.

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Where is Kaseya seeing that bump? Are there particular tools? Are there particular areas you are seeing a spike in?

Across the board. Now take this with a grain of salt because we are starting from a small base, so it’s not nearly as big as our backup business, or our RMM business, but one area, our compliance business, grew over 1,000 percent. I’ve seen few things like it. This isn’t a political statement, but governments around the world are regulating more. I don’t know if that’s good or bad, but it’s happening. So if it’s happening, don’t fight it, lean into it.

If you look at where compliance rolls into, it’s always into IT. Because there is so much data with it. There’s a restaurant across the street from my office. It’s a pretty big restaurant. It’s a chain. They probably spend $2,000 a month on IT and security, but now they have to provide PCI compliance, in order for their cyber policy to be eligible for a claim. They probably use CHUBB to do their cyber insurance. Now CHUBB requires a lot of compliance on the part of that restaurant, in order to make sure they are eligible for a claim, if something like that happens.

So now the restaurant needs a cyber policy or the credit card companies won’t let them take credit cards. But they have to make sure they are compliant so the policy will be accepted by whoever their credit card processing firm is. “Hey MSP can you take care of this?” And they use our software to do it. That business is exploding.

The MSPs charge 500 bucks a month to that restaurant to generate their compliance. They pay us about $100 and they charge $500. It’s a nice little piece of business. Now that MSP goes from making $2,000 a month, to $2,500 a month on that same account.

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