Software investor Insight Partners has entered into a definitive agreement to acquire Veeam Software for $5-billion.
Under the ownership of Insight Partners, Veeam will become a US company, with a US-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 Largent has been promoted to CEO – he previously held the role of executive vice-president (EVP): operations – and Danny Allan has been promoted to chief technology officer.
Following an investment from Insight Partners at the beginning of 2019, Veeam 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 US market, as well as cementing its position in the global market.
The acquisition and bolstering of US leadership will accelerate Veeam’s 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 US market,” says Largent. “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.
“Veeam has one of the highest-calibre global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivaled pace.”
“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,” says Allan. “Legacy solutions cannot keep up. Veeam’s software provides holistic coverage for the modern business.
“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 MD and Veeam board member Mike Triplett comments: “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.
“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 US, continued market-share leadership position in EMEA and continued global expansion.”