Insight Partners has completed its acquisition of Veeam Software, the provider of backup solutions delivering cloud data management, at a valuation of approximately $5 billion. The acquisition, which was announced on January 9 follows an investment from Insight Partners at the beginning of 2019 while they made their first minority-stake investment in Veeam about seven years ago.
With over $1 billion in annual sales and more than 365,000 customers worldwide, Veeam provides a single platform for modernizing backup, accelerating hybrid cloud and securing data. Veeam’s global ecosystem includes 70,000+ partners, including HPE, NetApp, Cisco and Lenovo as exclusive resellers. The company has offices in more than 30 countries.
“Insight has been a trusted partner since 2013 when they made their first minority-stake investment in Veeam,” said Bill Largent, CEO of Veeam. “They are known for taking high-growth international companies and driving their success in the U.S. market, where they can add invaluable resources, support and expertise. Veeam is positioned extremely well in the market and Insight is the right partner to help us achieve the next level of growth for our Act II, evolution into Hybrid Cloud, and the right time starts today.”
Insight Partners will move Veeam’s headquarters to the U.S. from Switzerland and add “strength and experience” to its executive team. As part of the acquisition, the following appointments have been made:
- William H. Largent – has been promoted to Chief Executive Officer (CEO). He previously held the role of Executive Vice President (EVP), Operations.
- Danny Allan – has been promoted to Chief Technology Officer (CTO).
- Gil Vega – previously Managing Director and CISO at CME Group, Inc. and the Associate Chief Information Officer & CISO for the U.S. Department of Energy and U.S. Immigration & Customs Enforcement in Washington, DC, has been appointed Chief Information Security Officer (CISO).
- Nick Ayers – of Ayers Neugebauer & Company, a member of the World Economic Forum’s Young Global Leaders and former Chief of Staff to the Vice President of the United States, joins Insight Partners Managing Directors Mike Triplett, Ryan Hinkle, and Ross Devor on the Veeam Board of Directors.
“Veeam has become the No. 1 market share leader in EMEA over the past decade, where approximately 50% of our current business comes from,” said Danny Allan, CTO of Veeam. “With the Insight acquisition completed today and our recent release of the new Veeam Availability Suite v10 – the next generation of data protection – we have our sights set on extending that leadership position into the US, where we can leverage the growth opportunity for cloud data management in the enterprise.”