Veeam Software announced that Insight Venture Partners has invested $500 million with strong participation from strategic investor Canada Pension Plan Investment Board (CPPIB) to accelerate the next phase of Veeam’s growth.
Veeam will supposedly leverage Insight Venture Partners’ internal business strategy arm, Insight Onsite, and capital to accelerate its expansion through both organic growth and M&A activities. Veeam is one of the largest privately held software companies in the world, with approximately $1B in sales and more than 325,000 customers, adding 50,000 new customers every year.
Veeam has supposedly been growing organically over the last 12 years in an expanding cloud data management market that enterprises annually spend an estimated $30 billion to address. Veeam supposedly touches more production environment workloads than any other systems management company in the market. “We have a long-standing relationship with Jeff Horing and Michael Triplett from Insight Venture Partners, having worked with them since 2002 when Insight invested in our first company, Aelita Software,” said Ratmir Timashev, Co-Founder and Executive Vice President (EVP), Sales and Marketing, at Veeam.
“Back then, we relied on Insight to provide strategic counsel and support, and after we sold that company to Quest Software in 2004, we continued our relationship. Over the years, Insight has been a trusted advisor to Bill Largent, Andrei Baronov and me, even acquiring a minority share in Veeam back in 2013.”
“Today, Veeam is leading the data management space, with more than 325,000 customers, 60,000 partners, 82% of the Fortune 500 relying on our solutions, and with industry analysts heralding us as Leaders across all sectors; with Insight and CPPIB’s, investment I know we will take this to the next level.”
Leveraging Insight Venture Partners’ expertise, the investment will supposedly enable Veeam to accelerate its growth trajectory through both organic growth – i.e. portfolio innovation and expanding its geographical footprint – and via M&A activity which will drive Veeam’s expansion into adjacent markets.
Pursuant to the terms of this investment Insight Venture Partners’ Managing Director, Michael Triplett will join Veeam’s Board of Directors.
Gordon R.Caplan, Co-Chairman of Willkie Farr & Gallagher served as an advisor for the deal.