Veeam® Software, Cloud Data Management solutions provider, announced that Insight Partners has completed its acquisition, as notified on January 9, 2020, at a valuation of approximately $5 billion.
In alignment to the investment from Insight Partners at the beginning of 2019, the acquisition of Veeam, bearer of over $1 billion in annual sales and more than 365,000 customers worldwide, will drive accelerated growth in the U.S market.
“Insight has been a trusted partner since 2013 when they made their first minority-stake investment in Veeam,” said Bill Largent, CEO at Veeam.” They are known for taking high-growth international companies and driving their success in the U.S. market, where they can add invaluable resources, support and expertise. Veeam is positioned extremely well in the market and Insight is the right partner to help us achieve the next level of growth for our Act II, evolution into Hybrid Cloud, and the right time starts today.”
“Veeam has become the No. 1 market share leader in EMEA over the past decade, where approximately 50% of our current business comes from,” said Danny Allan, CTO at Veeam. “With the Insight acquisition completed today and our recent release of the new Veeam Availability Suite v10 – the next generation of data protection – we have our sights set on extending that leadership position into the US, where we can leverage the growth opportunity for cloud data management in the enterprise.”
“The future of cloud computing is hybrid – where data is created, stored, managed, and replicated across platforms and environments,” said Crawford Del Prete, President at IDC. “Veeam has consistently addressed the hard problems that customers have around next-generation data management. This is a significant transaction that provides the additional resources necessary for Veeam to address the needs of an increasingly diverse and complex customer landscape.”