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Insight Partners acquires data backup leader Veeam for $5bn

New York, Jan 10 (IANS) In the first mega acquisition of 2020, software investor Insight Partners on Friday announced to acquire Veeam Software, the leader in backup solutions that deliver Cloud Data Management, for $5 billion.

Veeam which has a significant presence in India, will now become a US company, while continuing its global expansion from offices in 30 countries and with customers in over 160 countries.

As part of the acquisition, William H. Largent has been promoted to Chief Executive Officer (CEO) and Danny Allan will work as Chief Technology Officer (CTO).

“With the acquisition, we are excited that our current US 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 caliber global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivalled pace,” he added.

Insight Partners invested in Veeam at the beginning of 2019.

With over $1 billion in annual sales and more than 365,000 customers worldwide, Veeam launched a number of new innovations over the last year, cementing its position in the global market.

The company grew by 171 per cent year-on-year with over 100 per cent growth in total bookings in India in the first quarter of 2019. Veeam also witnessed a growth of 50 per cent (YoY) in terms of partners added in Q1 2019 in the country.

“We are committed to supporting Veeam’s next phase of leadership and growth in the US, continued market-share leadership position in EMEA and continued global expansion,” said Insight Partners Managing Director and Veeam Board member Mike Triplett.

The acquisition is expected to close during the first quarter of 2020.

Veeam recently launched new cloud-native solutions that will enable customers to manage, migrate, orchestrate and protect data across AWS and Microsoft Azure environment.

Founded in 1995, Insight Partners currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide.

–IANS

na/pgh/

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