Insight Partners has entered into a definitive agreement to acquire Veeam Software, a provider of in backup solutions that deliver data management for the cloud. Under the ownership of Insight Partners, Veeam, which is headquartered in Baar, Switzerland, 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 more than 160 countries.
Valued at $5 billion, the transaction, which is expected to close in Q1 2020, will enable Veeam to accelerate its evolution into hybrid cloud, help the company expand into new markets, and continue its growth trajectory. The U.S.-led team will see Veeam’s EVP, operations, William H. Largent, promoted to CEO. Rounding out the C-suite, Danny Allan has been promoted to CTO from his position as VP of Product Strategy.
“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,” said Largent. “Veeam has one of the highest caliber global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivalled pace.”
“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. Legacy solutions cannot keep up. Veeam’s software provides holistic coverage for the modern business,” Allan added. “While Veeam’s preeminence in the data management space, currently supporting 81% of the Fortune 500, is undeniable, this commitment from Insight Partners and deeper access to its unmatched business strategy and ScaleUp division, Insight Onsite, will bring Veeam’s solutions to more businesses across the globe.”
More information is available from Insight Partners and Veeam Software.