As part of the acquisition, Veeam Software's Executive Vice President, Operations William H Largent has been promoted to CEO. Danny Allan has been promoted to Chief Technology Officer.

By Ian Horswill

Posted on January 10, 2020

Veeam Software, one of the industry’s biggest data protection providers, has been bought in a US$5 billion deal by Insight Partners, the private equity and venture capital business that largely invests in software.

As part of the acquisition, Veeam Software’s Executive Vice President, William H Largent, has been promoted to CEO. Danny Allan has been promoted to Chief Technology Officer.

Veeam Software, based in Baar, Switzerland, surpasses US$1 billion in annual bookings. Veeam is the top data protection provider in Europe, the Middle East and Africa.

Also, as part of the Insight Partners purchase, expected in the first quarter of 2020, Veeam will become a US company, with a US-based leadership team, while continuing its global expansion from offices in 30 countries and with customers in more than 160 countries.

“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the US 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 Largent. “Veeam has one of the highest calibre global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivaled pace.”

During the last decade, Veeam Software’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 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.

Customers have streamed into the Veeam ecosystem at a rate of roughly 4,000 new bookings per month. Veeam’s first, “Act I” objective was to create and maintain a strong position in the backup market, but as clients are now also utilizing hybrid cloud setups with AWS, Azure, IBM and Google, the firm’s “Act II” is to capitalize on a growing need for cloud data management across these environments, reported Z D Net.

“In a world where a business’s 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,” said Allan. “While Veeam’s preeminence 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 and ScaleUp division, Insight Onsite, will bring Veeam’s solutions to more businesses across the globe.”

Insight Partners’ US$5 billion input will accelerate Veeam’s evolution into hybrid cloud.

“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.”

The Board of Directors will be immediately supplemented with seasoned software, government and business leadership as co-investor Nick Ayers, of Ayers Neugebauer & Company, a member of the World Economic Forum’s Young Global Leaders and former Chief of Staff to the Vice President of the United States, joins Insight Partners Managing Director Mike Triplett and Veeam CEO, William H. Largent on the Board. Following the acquisition, Co-Founders Andrei Baronov and Ratmir Timashev will step down from the Board. Additionally, Insight Partners Managing Directors Ryan Hinkle and Ross Devor will each serve on the Board once the acquisition has been completed.