Insight Partners acquires data backup and recovery platform Veeam for $5 billion

guest · Jan 9, 2020

Insight Partners acquires data backup and recovery platform Veeam for $5 billion
January 9, 2020
https://venturebeat.com/2020/01/09/...up-and-recovery-platform-veeam-for-5-billion/

Veeam, a Swiss data management company that offers backup and disaster recovery services for enterprises, is being acquired by venture capital and private equity firm Insight Partners in a $5 billion all-cash deal.

Founded in 2006 by Russian entrepreneurs Ratmir Timashev and Andrei Baronov, Veeam is one of numerous data management platforms that work across multiple clouds, on-premises servers, and hybrid setups. The company claims some 365,000 customers and $1 billion in annual sales.

Moreover, this acquisition — which is expected to close in Q1 2020 — means that Veeam will now be a U.S. company, which will go some way toward helping it grow in the U.S.

“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,” noted Insight Partners managing director Mike Triplett.
A U.S.-based leadership team for a U.S.-headquartered company does make sense, after all. Both of Veeam’s cofounders will step down from the board of directors once the acquisitions is complete.
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guest · Jan 11, 2020

What you need to know about the US$5B Veeam acquisition
January 10, 2020
https://www.crn.com.au/news/what-you-need-to-know-about-the-us5b-veeam-acquisition-536308

The New York-based private equity company, which focuses on the software and SaaS market, is acquiring Veeam in a transaction valued at about US$5 billion, with an eye on providing the management it sees necessary for Veeam to make a big play for the US market.
This is a huge deal. Huge.
The acquisition is valued at about US$5 billion. That cements Veeam's place as one of the top so-called "unicorns," the term used to describe non-public companies with a valuation of US$1 billion or more.
Big focus of acquisition: The US market
While Veeam has done will since its founding, it sees a lot of opportunity for growth, and for the company that means a huge focus on building its US business.
To get that kind of growth, however, requires a solid US presence, said Danny Allan, Veeam's new chief technology officer.

Furthermore, Veeam has for some time emphasized what it calls "Act II,' a move into the cloud data management era, Allan said.
"And all of the major cloud providers are US based, and the adoption of cloud is faster in the US," he said. [...]
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Insight Partners acquires data backup and recovery platform Veeam for $5 billion

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