January 9th, 2020 by Adam Armstrong
Veeam Gets Acquired For $5 Billion
Today it was announced that Veeam Software has entered an agreement of acquisition with the software investor group Insight Partners. Under the new ownership, Veeam will move from being a Swiss company to an U.S.-based company with a U.S.-based leadership team. The deal is expected to close in the first quarter of 2020 and is valued at roughly $5 billion.
Veeam Software was founded in 2006 by Ratmir Timashev and Andrei Baronov. The name is derived from the phonetic pronunciation of VM. The company started off by monitoring and reporting on virtual-infrastructure. What really caught everyone’s attention was when the company released its free VM backup copy product, FastSCP, in 2007. 2008 saw the release of Veeam Backup & Replication, a tool that provided VMware vSphere VMs with incremental backups and image-based replication, with built-in data deduplication and compression. Since then the company has continued to grow surpassing $1 billion sales in 2019 and having nearly 4,000 employees.
Last year saw a cash injection from Insight Partners of roughly half a billion dollars. Insight Partners and Veeam worked together to expand its software-defined Veeam Cloud Data Management Platform. Now Insight Partners is acquiring the company and will help fulfill Veeam’s Second Act, with will bring their pending global growth trajectory to scale. The acquisition does several things: Veeam becomes a U.S. company, its reach is expanded to new markets, and their will be an uptick in employees helping it to pursue it’s goal of becoming the leader in hybrid cloud and backup solutions that deliver cloud data management.
On a personnel note, Veeam’s EVP, Operations, William H. Largent, will be promoted to CEO. The company’s VP of Product Strategy, Danny Allan, will be promoted to CTO.