Leading software investor Insight Partners has entered into a definitive agreement to acquire Veeam Software, the Swiss software startup that helps companies manage data backup and recovery across public clouds and their own data centers. The transaction is valued at approximately US$5 billion. Both parties expect to close the acquisition during the first quarter of 2020.
“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,” said Mike Triplett, Insight Partners Managing Director, and Veeam Board member.
Insight Partners had invested $500 million in Veeam at the beginning of 2019. Over the last year, the company launched several innovations, 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. Veeam expects to accelerate its expansion into adjacent markets with the new move.
"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 unrivaled pace,” said William H. Largent, CEO at Veeam.
Based in Baar, Switzerland, Veeam has offices in 30 countries and more than 365,000 customers in over 160 countries. The company claims that it had $1 billion in revenue last year. As part of the acquisition, Co-Founders Andrei Baronov and Ratmir Timashev will step down from the Board. William H. Largent has been promoted to Chief Executive Officer (CEO). He previously held the role of Executive Vice President (EVP), Operations. Danny Allan has been promoted to Chief Technology Officer (CTO).