Software investor, Insight Partners, has announced that it has entered into a definitive agreement to acquire Veeam Software. Veeam is a leading backup and cloud data management solution provider. 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. The acquisition is expected to close during the first quarter of 2020 and will also enable Veeam to accelerate its evolution into the hybrid cloud. Additionally, the acquisition will allow Veeam to expand into new markets and continue its growth trajectory. As part of the acquisition, William H. Largent has been promoted to Chief Executive Officer, and Danny Allan has been promoted to Chief Technology Officer.
Following an investment from Insight Partners at the beginning of 2019, Veeam worked with Insight Partners’ business strategy and ScaleUp division, Insight Onsite, in order to expand its Veeam Cloud Data Management Platform. The acquisition and increase of U.S. leadership will accelerate Veeam’s growth trajectory and expansion into adjacent markets.
In a press statement, CEO of Veeam, William H. Largent said, “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. 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.”
Veeam has recently launched new cloud-native solutions that will allow users to manage, migrate, orchestrate, and protect data across AWS and Microsoft Azure environments. In the coming weeks, the new Veeam Availability Suite v10 will be generally available, offering users a software-defined data management solution.
Danny Allan, CTO of Veeam also added, “in a world where a business’ 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. While Veeam’s preeminence in the data management space, currently supporting 81 percent 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.”
Insight Partners Managing Director and Veeam Board member, Mike Triplett stated, “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. 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.”
To read Veeam’s full press release, click here.