Insight Partners Acquires Veeam For $5 Bn.
Insight Partners, a private investment company from the United States, will become the new owner of Veeam Software, a business specializing in the development of software solutions for data management automation, including data recovery, backup, and security. The deal will cost about $5 billion.
Upon completion of the transaction, Veeam Software, founded by Russians Andrei Baranov and Ratmir Timashev and currently based in Switzerland, will become an American company and will be able to apply for government contracts.
The CEO of Veeam will be William Largent, who will take over from one of the company’s co-founders - Andrei Baranov. Largent currently holds the position of Executive Vice President at Veeam.
“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… we believe this acquisition will allow us to scale our team and technology at an unrivaled pace,” William Largent said.
According to reports, Veeam annual sales have exceeded $1 billion in 2019. The company has more than 350,000 customers around the world. In addition, 81% of Fortune 500 companies use Veeam’s technology. It is worth mentioning that at the beginning of 2019, Insight Partners already invested $ 500 million in Veeam Software. At that time, Mike Triplett, Insight Partners MD and Veeam board member, said that Veeam is one of the most exciting software companies in the world today.
The acquisition is expected to close by the end of March this year.
Earlier this year VMware closed $2.7B Pivotal acquisition.