Tech News

Insight Partners to Acquire Veeam in $5 Billion Deal

Leading software investor Insight Partners announced to enter into an agreement to acquire Veeam Software, the leader in Backup solutions that deliver Cloud Data Management in a $5-billion deal.

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 Act II (Veeam’s evolution into Hybrid Cloud), expand into new markets and continue its growth trajectory.

As part of the acquisition, William H. Largent has been promoted to Chief Executive Officer (CEO) – he previously held the role of Executive Vice President (EVP), Operations – and Danny Allan has been promoted to Chief Technology Officer (CTO).

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.

“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.”

At the core of Veeam’s strategy is delivering simplicity, flexibility and reliability to its global customer base (which includes 81% of the Fortune 500.According to the latest IDC Software Tracker, Veeam is the #1 market-share leader in EMEA and the #4 worldwide, after DellEMC, Veritas and IBM. Today, Veeam is the clear market leader, delivering Backup solutions that enable Cloud Data Management, and has recently launched exciting new cloud-native solutions that will enable customers to manage, migrate, orchestrate and protect data across AWS and Microsoft Azure environments core elements of its Act II.

In the coming weeks, NEW Veeam Availability Suite v10 will be generally available, providing users with the most powerful software-defined data management solution in the industry.

“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.”

(Image Courtesy: www.championsg.com)

Leave a Comment

Your email address will not be published.

You may also like