Insight Partners has completed its acquisition of Veeam, at a valuation of approximately $5-billion.
“Insight has been a trusted partner since 2013 when they made their first minority-stake investment in Veeam,” says Bill Largent, CEO of Veeam. “They are known for taking high-growth international companies and driving their success in the US market, where they can add invaluable resources, support and expertise.
“Veeam is positioned extremely well in the market and Insight is the right partner to help us achieve the next level of growth for our Act II, evolution into hybrid cloud, and the right time starts today.”
Veeam headquarters will move to the US from Switzerland, and the executive team will be strengthened.
As part of the acquisition, the following appointments have been made: William H Largent has been promoted to CEO; Danny Allan has been promoted to chief technology officer, Gil Vega has been appointed chief information security officer; and Nick Ayers joins the Veeam board for directors.
“Veeam has become the number one market share leader in EMEA over the past decade, where approximately 50% of our current business comes from,” says Allan. “With the Insight acquisition completed today and our recent release of the new Veeam Availability Suite v10 – the next generation of data protection – we have our sights set on extending that leadership position into the US, where we can leverage the growth opportunity for cloud data management in the enterprise.”