Insight Partners Spends $5bn On The Acquisition Of Veeam Software
Software investor Insight Partners has entered into a definitive agreement to acquire cloud data management firm Veeam Software in a transaction valued at $5bn.
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 expand into new markets and continue its growth trajectory, according to the company.
As part of the acquisition, William H. Largent has been promoted to Chief Executive Officer of Veeam Software – he previously held the role of Executive Vice President, Operations – and Danny Allan has been promoted to Chief Technology Officer (CTO).
“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market,” said William H. Largent, CEO at Veeam.
“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 unrivalled pace.”
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 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.
“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,” said Danny Allan, CTO of Veeam.
“Veeam’s software provides holistic coverage for 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.”
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.
“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,” said Insight Partners Managing Director and Veeam Board member Mike Triplett.
“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.”
Following the acquisition, Co-Founders Andrei Baronov and Ratmir Timashev will step down from the Board, according to the company.
Additionally, Insight Partners Managing Directors Ryan Hinkle and Ross Devor will each serve on the Board once the acquisition has been completed.source dataeconomy
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