Backup solutions and Cloud Data Management provider, Veeam Software, has announced an annual recurring revenue (ARR) increase of 20 percent year-over-year (YoY) for Q2’20 – the biggest second quarter in the company’s 14-year history.
“As employees are transitioning to the new ‘work from home’ environment, data protection and availability are now more important than ever,” said Bill Largent, CEO of Veeam. “Just as employers must protect the health, safety and welfare of their employees, they must also have solid business continuity plans in place and protect the most important asset of their organization – their data. During Q2’20, Veeam continued to accelerate its business and growth trajectory with our broad ecosystem of partners, and we have maintained a customer-first ethos. Our innovation, combined with our company momentum, will make 2020 a historic and significant year for Veeam and our partners.”
In addition, Veeam reported its largest ever quarter for total bookings of its fastest growing product, Veeam Backup for Microsoft Office 365, with an 89 percent YoY increase and a 75 percent YoY gain in overall subscription bookings. As further testament to Veeam’s continued performance, Gartner recently published its 2019 Market Share: All Software Markets, Worldwide research. According to Gartner, with sustained multiyear revenue gains, Veeam has increased in market share to become the third largest provider of backup and recovery software.
Veeam Availability Orchestrator
A major highlight of Q2 for the company was VeeamON 2020, their online Data Management event. Initially planned as a physical event in Las Vegas, it transitioned to a two-day online event due to the current pandemic. With close to 30,000 registrants from 148 countries, Veeam delivered an interactive digital experience for partners and customers. It included more than 40 breakout sessions, product demos and advanced configurations of Veeam products. There were also keynotes from Veeam executives. And from industry speakers from IBM, Microsoft, NetApp, VMware, Pure Storage and IDC.
In addition to unveiling Veeam Availability Orchestrator (VAO) v3 during this online event, Veeam provided a unique preview of what the company is planning for upcoming product releases, including the first sneak-peek of Veeam Availability Suite v11, as well as Veeam Backup for Microsoft Office 365 v5.
“Veeam kicked off 2020 with news of our acquisition by Insight Partners at a valuation of approximately $5 billion, followed by our biggest product launch ever – Veeam Availability Suite (VAS) v10, the industry’s most robust solution for complete data management and protection for hybrid-cloud environments. Both announcements were major game-changing milestones for Veeam and the tech industry,” said Danny Allan, CTO and Senior Vice President at Product Strategy of Veeam. “With a half-dozen product releases in 2020 already, we’re planning about a dozen total, including Veeam Backup for Microsoft Office 365 v5 later this year. The demand for Veeam Backup for Microsoft Office 365 has exploded due in part to the new work from home environment, fueling the best quarter to date for that product. Our recent and upcoming product releases provide significant benefits to our customers, further differentiate us from the competition, and provide a strong path forward for growth.”