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Private equity firm snaps up Veeam in $5B deal
- 09 January, 2020 18:40
Ratmir Timashev (Veeam Software)
Veeam Software has been acquired by private equity firm Insight Partners in a US$5 billion deal which includes the appointment of a new CEO.
Expected to close during the first quarter of 2020, the transaction will see the vendor become a US-based company with William Largent promoted as overall leader, following his role as executive vice president of operations.
“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the US market,” Largent said. “With the acquisition, we are excited that our current US workforce of more than 1200 will be expanded and strengthened to acquire and support more customers.
“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.”
The acquisition follows an injection of funding from Insight Partners - which specialises in technology and software investments - at the beginning of 2019, designed to drive expansion through mergers and acquisitions (M&A). Veeam recently reported over $1 billion in annual sales and serves more than 365,000 customers worldwide.
“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,” added Mike Triplett, managing director of Insight Partners.
“Veeam’s platform is the most advanced and complete data management solution available to businesses requiring a seamless blend of data back-up and recovery, data protection, data security and data availability.
“We are committed to supporting Veeam’s next phase of leadership and growth in the United States, continued market-share leadership position in EMEA, and continued global expansion.”
Following the acquisition, co-founders Andrei Baronov and Ratmir Timashev will step down from the board, with Danny Allan promoted as CTO.
“In a world where a business’s most valuable asset, its data, is constantly on the move and being created at unprecedented rates, data management has never been more critical, and more complex,” Allan said. “Legacy solutions cannot keep up. Veeam’s software provides holistic coverage for the modern business."