Data management and backup specialist Veeam has sealed the deal with Insight Partners, agreeing to be acquired by the latter for a cool $5 billion.
“Insight has been a trusted partner since 2013 when they made their first minority-stake investment in Veeam,” said Bill Largent, CEO at Veeam (formerly executive VP of operations), in the announcement.
“Insight is known for taking high-growth international companies and driving their success in the US market, where they can add invaluable resources, support and expertise.”
Veeam is positioned “extremely well” for its “act II” – an evolution into hybrid cloud, Largent explained.
The intent to acquire was announced 9 January 2020, following an investment from Insight Partners at the start of 2019. Veeam boasts a $1 billion turnover, serving 365,000 customers globally.
The deal means that Veeam will move its HQ from Switzerland to the USA, and promoted Largent to CEO. Danny Allan has been promoted to CTO, with Gil Vega as CISO.
“Veeam has become the No. 1 market share leader in EMEA over the past decade, where approximately 50% of our current business comes from,” said Danny Allan, CTO at Veeam.
“We have our sights set on extending that leadership position into the US, where we can leverage the growth opportunity for cloud data management in the enterprise.”
Entrepreneur Nick Ayers of Ayers Neugebauer & Company joins Insight managing directors Mike Triplett, Ryan Hinkle and Ross Devor on the Veeam board. Ayers is a member of the World Economic Forum’s Young Global Leaders and was chief of staff to the vice-president of the USA.
Crawford Del Prete, president at IDC, said the future of cloud is hybrid, with data being created, stored, managed and replicated across platforms and environments.
“Veeam has consistently addressed the hard problems that customers have around next-generation data management. This is a significant transaction that provides the additional resources necessary for Veeam to address the needs of an increasingly diverse and complex customer landscape,” Del Prete said in a press statement provided by Veeam.