NinjaOne more than doubles valuation to $12.3B in $400M secondary sale
What's the deal? NinjaOne, an IT management platform founded in 2013, has raised $400M in a secondary share sale that values the company at $12.3B — more than double its $5B valuation from February 2025. Wellington Management, ICONIQ, Alphabet's CapitalG, and Sequoia Capital participated. The deal let early investors and longtime employees sell equity.
The Austin-based startup helps businesses remotely manage devices and resolve security vulnerabilities, serving nearly 40,000 organisations globally. Its customers include in-house IT divisions and third-party providers that manage infrastructure for other firms.
Why now? NinjaOne's financials made the timing right. The company now brings in more than $600M in annual recurring revenue, up from $500M at the end of 2025. It turned profitable in Q1 2026 after being cash-flow positive throughout last year, according to president and chief financial officer Chris Matarese.
What could go wrong? Many investors worry that AI tools will make certain SaaS products obsolete — a fear that has weighed on software valuations broadly. NinjaOne bucks that trend, but the risk hasn't disappeared. If AI agents start automating the kind of device management and IT troubleshooting NinjaOne sells, the company's growth story could face pressure.
Matarese sees it differently. He argues AI is a tailwind: the proliferation of AI-powered hardware — computers, security cameras, robots — means more devices to manage. "The more devices there are to manage, the more valuable we are," he said.
The signal: NinjaOne's valuation leap is a rare bright spot for SaaS in an era dominated by AI anxiety. It suggests that investors still reward fast-growing, profitable software businesses — especially those that can frame AI as additive rather than existential. The secondary sale structure also signals continued demand for liquidity in late-stage private markets, giving employees and early backers an exit without requiring an IPO.
Read more: Bloomberg
