itb-au logo
Story image

Veeam to be acquired for massive US$5 billion

13 Jan 2020

Leading software investor Insight Partners has entered into a definitive agreement to acquire Veeam Software, the backup and cloud data management solutions vendor, for approximately US$5 billion.

Under the ownership of Insight Partners, Veeam will become a U.S. company, with a U.S.-based leadership team, while continuing its global expansion from offices in 30 countries and with customers in over 160 countries. 

The acquisition, which is expected to close during the first quarter of 2020, will provide a base from which Veeam can move into hybrid cloud and expand into new markets. 

As part of the acquisition, William H. Largent has been promoted to the chief executive officer role from operations executive vice president, and Danny Allan has been promoted to chief technology officer.

Following an investment from Insight Partners at the beginning of 2019, Veeam worked alongside Insight Partners’ business strategy and ScaleUp division, Insight Onsite, to expand its software-defined Veeam Cloud Data Management Platform. 

The company launched a number of new innovations over the last year, including Veeam Backup for Amazon Web Services (AWS), Veeam Backup for Microsoft Office 365 v4, Veeam Universal License (VUL) and announcing Veeam Backup for Microsoft Azure.

“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market. With the acquisition, we are excited that our current U.S. workforce of more than 1,200 will be expanded and strengthened to acquire and support more customers,” says Largent. 

“Veeam has one of the highest calibre global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivalled pace.”

During the last decade, Veeam has collected more than 170 industry awards, been named as a leader in three consecutive backup and data recovery Magic Quadrants by Gartner, held a consistent leadership position in the Forrester Wave, and been named as one of Forbes’ Cloud 100 companies for four straight years. 

According to the latest IDC Software Tracker, Veeam is the #1 market-share leader in EMEA and the #4 worldwide, after DellEMC, Veritas and IBM. 

Following the acquisition, Co-Founders Andrei Baronov and Ratmir Timashev will step down from the Board of Directors and Insight Partners Managing Directors Ryan Hinkle and Ross Devor will each serve on the Board once the acquisition has been completed.

Co-investor Nick Ayers also joins Insight Partners managing director Mike Triplett and Veeam CEO William H. Largent on the Board. 

Goldman Sachs & Co., J.P. Morgan and Morgan Stanley served as financial advisors, and Willkie Farr & Gallagher LLP served as legal counsel, to Insight Partners. Ropes & Gray LLP served as legal counsel to Veeam. Financing commitments for the transaction provided by affiliates of J.P. Morgan, Goldman Sachs & Co., Morgan Stanley, Ares Management, Bank of America, Golub Capital and Antares Capital.

Story image
Worldwide revenues for AI skyrocket, set to reach $550B by 2024
By 2024, the market is expected to break the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching $554.3 billion.More
Story image
Frost & Sullivan breaks down biggest changes in the world of UIs
“UI technologies will be an important component in the shift from the office to a virtual workplace that is mobile and more flexible, while interactive interfaces have expanded the scope of businesses to engage with their customers and build deep relationships."More
Story image
BlackRock and Snowflake enter partnership, look to serve investment management market
BlackRock and Snowflake have entered into a strategic partnership with the shared intention of delivering a next-generation solution for the investment management industry.More
Story image
'Masters of Change' will define future as digital gap widens in wake of COVID
A wave of companies are racing to reinvent themselves and use technology innovations to shape the new realities they face. More
Story image
The State of Data Virtualisation: Enterprises see data virtualisation as strong alternative to data warehouse solutions
"The rapid growth of data virtualisation is exposing major cracks in the business foundation that supports the technology."More
Story image
Kaseya acquires RocketCyber to bring SOC solutions to more businesses
"With this acquisition, we've doubled down on our security investments to provide our customers with access to experts who can continuously monitoring their IT environments without the cost and complexity of disparate tools.”More