Insight Partners Acquires Data Backup And Recovery Firm Veeam For $5 Billion

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Veeam

Veeam Software, the Swiss data backup, and recovery platform has confirmed that Insight Partners has acquired them for $5 billion. Notably, Insight Partners had invested $500 million in the firm last year. Veeam was founded by Andrei Baronov and Ratmir Timashev in 2006 as a backup solution company. The company has over 365,000 customers worldwide, offering backup solutions, cloud security offerings, and cloud data management.

As part of the deal, the company is set to witness multiple changes at the leadership level. William H. Largent, the EVP of Operations is set to become the CEO of the firm while Danny Allan, the VP of product strategy will take up the CTO role. At the same time, the firm's headquarters will be in the US post this deal.

Allan, the new CEO of the firm talking about the company and deal said, “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 [from its scale-up] division, Insight Onsite, will bring Veeam’s solutions to more businesses across the globe.”

Mike Triplett, the managing director of Insight Partners who is set to join the board of the firm a part of the deal talking about Veeam said, "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. 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 : WSJ

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