Veeam Software is known for developing cloud data management and backup solutions, and it seems the company’s success has caught the eye of a major US investment firm. That’s because the company has announced that it has been acquired for approximately $5 billion by Insight Partners.
Insight Partners has been interested in Veeam Software for quite some time, having previously invested in the company at the beginning of 2019. Following that investment, Insight Partners assisted Veeam in expanding its software-defined cloud data management platform, as well as helping the company launch products such as Veeam Backup for Amazon Web Services (AWS), Veeam Backup for Microsoft Office 365 v4, Veeam Universal License (VUL) and Veeam Backup for Microsoft Azure.
Now Insight Partners is taking the next step in its relationship with Veeam, with an acquisition worth approximately $5 billion. The acquisition is a bold move for Veeam, as it will see the Swiss company officially move its base to the US, ditch its Swiss-based leadership team, which includes the company’s two co-founders, and cement itself as an American company.
William H. Largent has been promoted to CEO – he previously held the role of executive vice president, operations – and Danny Allan has been promoted to chief technology officer.
“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the US market. With the acquisition, we are excited that our current US workforce of more than 1,200 will be expanded and strengthened to acquire and support more customers,” said Largent.
“Veeam has one of the highest caliber global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivalled pace.”
Going into the new decade, Veeam Software is hoping to grow its position further, with the company also hoping to expand into new markets.
“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,” Allan added.
“While Veeam’s preeminence in the data management space, currently supporting 81% of the Fortune 500, is undeniable, this commitment from Insight Partners and deeper access to its unmatched business strategy and ScaleUp division, Insight Onsite, will bring Veeam’s solutions to more businesses across the globe.”
Insight Partners has had a long history of supporting some of the leading technology firms in the world, with the company having previously invested in Twitter, HootSuite, Docker and Shopify.
“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.
“Veeam’s platform is the most advanced and complete data management solution available to businesses requiring a seamless blend of data backup and recovery, data protection, data security and data availability. We are committed to supporting Veeam’s next phase of leadership and growth in the United States, continued market-share leadership position in EMEA, and continued global expansion.”