Insight Partners to acquire Veeam for approximately US$5 billion

Technology
Share

Insight Partners announced that it has entered into a definitive agreement to acquire Veeam Software, that deliver Cloud Data Management.Under the ownership of Insight Partners, Veeam will become a U.S. company, with a U.S.-based leadership team, while continuing its global expansion from offices in 30 countries and with customers in over 160 countries. The acquisition, which is expected to close during the first quarter of 2020, will enable Veeam to accelerate its Act II (Veeam’s evolution into Hybrid Cloud), expand into new markets and continue its growth trajectory. As part of the acquisition, William H. Largent has been promoted to Chief Executive Officer (CEO) – he previously held the role of Executive Vice President (EVP), Operations – and Danny Allan has been promoted to Chief Technology Officer (CTO).

Following an investment from Insight Partners at the beginning of 2019, Veeam with over $1 billion in annual sales and more than 365,000 customers worldwide, worked alongside Insight Partners’ business strategy and ScaleUp division, Insight Onsite, to expand its software-defined Veeam Cloud Data Management Platform. The company launched a number of new innovations over the last year, including Veeam Backup for Amazon Web Services (AWS), Veeam Backup for Microsoft Office 365 v4, Veeam Universal License (VUL) and announcing Veeam Backup for Microsoft Azure– growing its share of the U.S. market, as well as cementing its position in the global market.The acquisition and bolstering of U.S. leadership will accelerate Veeam’s already impressive growth trajectory and expansion into adjacent markets.

“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market. With the acquisition, we are excited that our current U.S. workforce of more than 1,200 will be expanded and strengthened to acquire and support more customers,” said William H. Largent, CEO at Veeam. 

During the last decade, Veeam’s approach has seen it collect more than 170 industry awards, named as a leader in three consecutive backup and data recovery Magic Quadrants by Gartner, boast a consistent leadership position in the Forrester Wave and also named as one of Forbes’ Cloud 100 companies for four straight years. According to the latest IDC Software Tracker, Veeam is the #1 market-share leader in EMEA and the #4worldwide, after DellEMC, Veritas and IBM. Veeam has recently launched exciting new cloud-native solutions that will enable customers to manage, migrate, orchestrate and protect data across AWS and Microsoft Azure environments – core elements of its Act II. In the coming weeks, NEW Veeam Availability Suite v10 will be generally available, providing users with the most powerful software-defined data management solution in the industry.

“In a world where a business’s most valuable asset, its data, is constantly on the move and being created at unprecedented rates, data management has never been more critical, and more complex. Legacy solutions cannot keep up. Veeam’s software provides holistic coverage for the modern business,” Veeam’s Danny Allan said. “Veeam’s strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make Veeam one of the most exciting software companies in the world today,” Insight Partners Managing Director and Veeam Board member Mike Triplett said.

Tagged

Leave a Reply

Your email address will not be published. Required fields are marked *