Insight Partners has acquired cloud data management company Veeam in a deal worth $5 billion. Last year, it had invested $500 million in the Swiss startup.
Veeam helps its customers in cloud data backup and disaster recovery. The company is based in Baar, Switzerland had $1 billion in revenue last year. It supports 365,000 customers worldwide, including 81 percent of the Fortune 500.
The deal is initiated with some major changes within the cloud data management company. Veeam’s EVP of Operations, William H. Largent, will be elevated to CEO. Danny Allan, who was VP of product strategy, is now the Chief Technology Officer. Besides, the company will be shifting its headquarters to the United States. Veeam currently has nearly 1,200 employees in the U.S. but expects to broaden it post this acquisition, that in the coming year.
New CEO Allan believes that despite their noticeable success in the market, and the high purchase price, under Insight’s ownership, the company will flourish further. “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 [from its scale-up] division, Insight Onsite, will bring Veeam’s solutions to more businesses across the globe.”
Insight Onsite is Insight Partners’ strategy subsidiary that is developed to assist its portfolio companies be more successful. It offers a variety of services in key business areas, like sales, marketing and product development.