Conestoga Capital Advisors, LLC on Climb Global Solutions, Inc.
Thesis
Climb distributes emerging technology and cybersecurity products through a network of resellers and software partners. It recorded double-digit organic growth across an unusually broad supplier base despite tough comparisons. New vendor relationships, including Darktrace and Fortinet, are scaling, while Interworks expanded its geographic reach. Conestoga sees these operating trends supporting further expansion in value-added technology distribution.
“19 of the company's top 20 vendors generating year-over-year growth despite a challenging comparison”
Key risks
- Integrating Interworks into Climb's international business creates execution risk.
- High growth from new vendor relationships may be difficult to sustain.
- Vendor and customer IT spending could soften during a higher-rate slowdown.