– SWITZERLAND, Baar / USA, NY – Veeam Software, the leader in Backup solutions that deliver Cloud Data Management™ will be acquired by leading software investor Insight Partners as the companies announced today that they have entered into a definitive agreement.
As part of the acquisition, EVP Operations William H. Largent has been promoted to CEO and Danny Allan has been promoted to CTO.
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 evolution into Hybrid Cloud, expand into new markets and continue its growth trajectory.
The Board of Directors will be immediately supplemented with seasoned software, government and business leadership as co-investor Nick Ayers, of Ayers Neugebauer & Company, a member of the World Economic Forum’s Young Global Leaders and former Chief of Staff to the Vice President of the United States, joins Insight Partners Managing Director Mike Triplett and Veeam CEO, William H. Largent on the Board.
Following the acquisition, Co-Founders Andrei Baronov and Ratmir Timashev will step down from the Board. Additionally, Insight Partners Managing Directors Ryan Hinkle and Ross Devor will each serve on the Board once the acquisition has been completed.
Following an investment from Insight Partners at the beginning of 2019, Veeam, the clear market leader 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. “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.”
“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. “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.”
“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.”
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a core belief: growth equals opportunity.
For more information, visit www.insightpartners.com
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