Even with the unforeseen challenges and circumstances that began in early 2020, backup solutions provider Veeam continued its rapid growth with its second consecutive year of bookings over $1 billion and a 22% year-over-year (YoY) increase in annual recurring revenue.
During 2020, Veeam’s vision for hybrid cloud drove the company to continued growth, surpassing 400,000 customers. Specifically, Veeam Backup for Microsoft Office 365, Veeam’s fastest growing product for the past two years, reported 73% growth year-over-year.
“One of the many lessons learned in 2020 due to the COVID pandemic is that flexibility is key and the ability to adapt is necessary for companies to continue to exist and thrive,” said Phil Goodwin, Research Director, Infrastructure Systems at IDC. “Organizations accelerated their use of cloud-based data protection in order to better support the unexpected surge in work-from-home employees. Veeam continued to grow despite the business climate adversities by prioritizing data protection and data management in the cloud. Veeam also made investments in important emerging areas, such as containers and Kubernetes data protection via the acquisition of Kasten.”
Backup for Microsoft Office 365
Veeam Backup for Microsoft Office 365 has now been downloaded by more than 154,000 organizations, representing over 15 million user mailboxes. Version 5, released in December 2020, adds purpose-built backup & recovery for Microsoft Teams. This would make it easier than ever for users to quickly find and restore Teams data, including entire groups, specific channels and settings. Protecting this data is more critical than ever, as the shift to remote working has created an explosion in Microsoft Teams adoption over the past year, with 115 million daily active users as of October, up 475% from 20 million daily active users almost 12 months prior.
Veeam kicked off 2020 with the completion of its acquisition by Insight Partners, which was announced on January 9 at a valuation of $5 billion, setting the pace for a year of substantial growth and expanded success across all market segments, culminating with Veeam’s acquisition of Kasten, the market leader for Kubernetes Backup & Disaster Recovery (DR), in Q4’20.
“Insight Partners’ acquisition [of Veeam] at the beginning of the year definitely fueled a fire within Veeam right out of the gate,” said Danny Allan, CTO and senior vice president of product strategy at Veeam. “We then announced the general availability of Veeam Availability Suite v10 which included 150+ new features and set the bar for the next generation of data protection. Despite the challenges that were then presented by the global pandemic to our employees, customers and partners, Veeam continued to focus on its vision and during the year launched 16 major releases to meet the new data backup and protection demands of our customers. As we continue our Act II journey into the hybrid cloud and containers, we’re embracing and developing new technologies. I’m very excited about the upcoming announcement of version 11 of our flagship product, Veeam Backup & Replication later this quarter, which will further strengthen Veeam’s commitment to modernize our customers’ data protection practices.”