Insight Partners, a New York investment firm, today cemented its agreement to acquire Veeam, a Switzerland-based cloud data management company for US$5 billion.
The deal is expected to complete in the first quarter of this year, and according to a press release, under the ownership of Insight Partners, Veeam will “become a U.S. company, with a U.S.-based leadership team.”
William H. Largent, previously the executive vice-president of operations at Veeam has been appointed as the new chief executive officer. Danny Allan, previously the vice-president of product strategy at Veeam, will helm the chief technology officer role.
According to Craft.co, Veeam generated 963 million in 2018, a 17 per cent increase year-over-year. It had 330,000 customers at the end of 2018, but Veeam now quotes that to be 365,000.
Veeam’s cloud data management is its central business. The Veeam Backup & Replication solution provides data redundancy for VMware and Microsoft Hyper-V virtual machines. In 2019, Veeam released back up solutions for AWS, Microsoft office 365 V4, and announced Veeam Backup for Microsoft Azure.
“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, in a press release.
Veeam co-investor Nick Ayers, former chief of staff to the vice-president of the U.S., will be joining Insight Partners on the board of directors.
Insight Partners initially invested in Veeam in 2013 and again in 2019. Other major brands in its investment portfolio include Shopify, Twitter, Pluralsight, and Wix.