#1 Cloud Data Management
Insight Partners to Acquire Veeam
Valued at $5B
Leading software investor Insight Partners announced today that it has entered into a definitive agreement to acquire Veeam Software, the leader in Backup solutions that deliver Cloud Data Management™. 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.
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
The acquisition, which is expected to be closed in Q1 2020, will enable Veeam to accelerate its Act II (Veeam’s evolution into Hybrid Cloud), help the company expand into new markets and continue its growth trajectory.
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). During the last decade, Veeam’s approach has seen it collect more than 170 industry awards, named as a leader in three consecutive backup and data recovery Magic Quadrants by Gartner, boast a consistent leadership position in the Forrester Wave and also named as one of Forbes’ Cloud 100 companies for four straight years.
According to the latest IDC Software Tracker, Veeam is the #1
market-share leader in EMEA and the #4
worldwide, after Dell EMC, Veritas and IBM. Veeam is the clear market leader,
solutions that enable Cloud Data Management, and has recently launched exciting new cloud-native
solutions that enable customers to manage, migrate and protect data across AWS and Microsoft
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 data management solution in the industry.
for Data Center Backup and Recovery Solutions
Why did Insight buy Veeam?
Veeam to continue the company’s already impressive expansion and growth by making it a US company with US shareholders. Veeam has been the clear market leader in backup and Cloud Data Management for more than a decade, amassing over 365,000 customers and over $1 billion in bookings. The company’s growth and profitability, coupled with the huge market opportunity ahead of it, made this acquisition obvious. Through the acquisition, Veeam will be able to radically accelerate its growth into Act II, open up new market opportunities and become the dominant market player for years to come.
What is the financial construction of the deal?
The transaction is valued at approximately $5 billion, but we will not disclose more details around how it is structured.
When do you expect it to close?
We expect the deal to close during calendar Q1 2020.
Will the acquisition impact the company’s vision, strategy or product roadmap?
No. Veeam has a clear vision, strategy and roadmap that the company will continue to accelerate.
Are there any changes to the management team?
Veeam will be strengthening its executive team, yes. Bill Largent will assume the role Chief Executive Officer (CEO) in addition to his position as Chairman of the Board of Directors. As recently announced, Jim Kruger has been promoted to Chief Marketing Officer (CMO) and Danny Allan promoted to Chief Technology Officer (CTO) & Senior Vice President (SVP) of Product Strategy.
What is the plan for Veeam’s co-founders?
Under the terms of the acquisition, Insight Venture Partners is acquiring 100% ownership of Veeam. Co-founders, Ratmir Timashev and Andrei Baronov will be stepping down as members of the Board of Directors at the close of the transaction; neither will be employed by Veeam but shall remain involved with the company on a consulting basis and will continue to help to ensure Veeam’s future success.