Software investor Insight Partners has announced its purchase of Veeam, a platform for data and management solutions, for $5bn or £3.84bn this week. This acquisition is expected to help Veeam continue its expansion plans and allow the company to accelerate its capabilities within the Hybrid Cloud.
This will mean the company will now become a U.S. company with a U.S. based leadership team at the helm. Currently, Veeam has offices in 30 countries and customers in over 160 countries around the globe.
Following the acquisition, there have been several promotions and changes to roles including William H. Largent being promoted to Chief Executive Officer (CEO), and Danny Allen being promoted to Chief Technology Officer (CTO).
William H. Largent, CEO, Veeam expressed his excitement on the acquisition by saying “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,
“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 unrivaled pace.”
Insight Partners is not the only company to be acquiring businesses at the moment with Salesforce who recently announced the acquisition of Vlocity for $1.33bn and Google acquiring Looker Data Sciences for $2.6bn.
This is not the first time Insight Partners has been involved with Veeam. At the beginning of 2019 Insight Partners invested in Veeam and gave the Cloud data company access to its business strategy and ScaleUp division, Insight Onsite, to help expand it’s now software-defined Veeam Cloud Data Management platform.
Veeam is still currently the market leader with over $1bn in annual sales and has more than 365,000 customers worldwide. The number of customers and revenue has been increasing thanks to the newly introduced innovative services Veeam brought in such as Veeam backup for Amazon Web Services (AWS), Veeam Backup for Microsoft Azure, Veeam Backup for Microsoft Office 365 v4, and Veeam Universal License (VUL).
Veeam has picked up over 170 industry awards over the past decade thanks to the service innovations and commitment to its customers while being named as one of Forbes’ Cloud 100 companies for four years in a row.
Veeam is the number one market-share leader in EMEA for software tracking and number four in the world after DellEMC, Veritas, and IBM according to the latest IDC Software Tracker.
Speaking on the acquisition Danny Allen, CTO of Veeam said: “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,
“While Veeam’s pre-eminence 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.”
