Insight Partners, a software investor, has announced on the 9th of January, that it has entered into an agreement for acquiring Veeam Software.
After this acquisition, Veeam will become an American company and have a U.S. based leadership team. Veeam is a global leader in offering Backup solutions that deliver Cloud Data Management™. The acquisition which is expected to take place in the first quarter of 2020, will help the company accelerate Act II, continue its growth trajectory and expand into new markets. With this acquisition, William H. Largent has stepped into the new role of the CEO and Danny Allan has been promoted to CTO.
Veeam, with over $1 billion in annual sales and more than 365,000 customers worldwide, a clear market leader, worked with Insight Partners’ business strategy and ScaleUp division, in order to expand its Cloud Data Management Platform. Last year, the company launched a number of services which include the Veeam Backup for Microsoft Office 365 v4, Veeam Backup for Amazon Web Services (AWS) and for Microsoft Azure thus establishing its place in the global market and growing in the U.S. market as well. With this acquisition, it will only boost the already impressive growth trajectory and expansion.
According to William H. Largent, CEO at Veeam, the company has enjoyed a rapid growth globally and particularly looks to get boosted in the U.S. market. They expect to increase their U.S. workforce of more than 1,200 and wish to acquire more customers. It is seen that Veeam is a clear market leader, that delivers Backup solutions enabling Cloud Data Management, only recently launching a new cloud-native solution for customers to migrate, manage, protect data across AWS as well as Microsoft Azure environments. In the near future, NEW Veeam Availability Suite v10, believed to be the most powerful software-defined data management solution in the industry, will be available.
Veeam has a strategy of delivering simplicity and reliability to its customer base and over the last decade, has collected more than 170 awards. They also have other achievements to boot which include boasting a consistent leadership position in Forrester Wave, the leader in three consecutive backup and data recovery Magic Quadrants by Gartner, and being named one of the Forbes’ Cloud 100 companies for four straight years.
According to CTO Danny Allen, data management is the most critical aspect in this fast-changing world, where it is a business’s most valuable asset. Being created at unprecedented rates, data management is very critical and this is where Veeam’s software provides holistic coverage. “While Veeam’s currently supporting 81% of the Fortune 500 in the data management space, with Insight Partners and their commitment, they get access to its unmatched business strategy as well as ScaleUp division, Insight Onsite, which will help bring Veeam’s solutions to many more businesses across the globe.”
According to Insight Partners Managing Director and Veeam Board member Mike Triplett, Veeam is one of the best software companies in the world today, with its exciting prospects. They have strong growth, high customer retention, top-notch data management solutions, and expansion to overseas markets. He adds that Insight Partners is committed to supporting Veeam’s next phase of growth and leadership in the U.S.
It is to be noted that following the acquisition, the Co-Founders Andrei Baronov and Ratmir Timashev, step down from the Board. Insight Partners Managing Directors Ryan Hinkle and Ross Devor, joining the Board after the acquisition. Besides, the Board of Directors will be welcome government, software and business leadership with Nick Ayers, of Ayers Neugebauer & Company and former Chief of Staff to the Vice President of the United States will be joining Insight Partners Managing Director Mike Triplett and Veeam CEO, William H. Largent on the Board.
The financial advisors will be Goldman Sachs & Co. and J.P. Morgan and Morgan Stanley with Willkie Farr & Gallagher LLP as legal counsel to Insight Partners. The Financing commitments will be provided by affiliates of J.P. Morgan, Morgan Stanley, Goldman Sachs & Co., Ares Management, Bank of America, and Antares Capital.