Tuesday, May 24, 2022

Insight Partners to acquire data protection company Veeam

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 CEO William H. Largent. Image source: 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,” 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.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication. Click this link to send me a note →

Jim Love, Chief Content Officer, IT World Canada
Tom Li
Tom Li
Telecommunication and consumer hardware are Tom's main beats at IT World Canada. He loves to talk about Canada's network infrastructure, semiconductor products, and of course, anything hot and new in the consumer technology space. You'll also occasionally see his name appended to articles on cloud, security, and SaaS-related news. If you're ever up for a lengthy discussion about the nuances of each of the above sectors or have an upcoming product that people will love, feel free to drop him a line at tli@itwc.ca.

Related Tech News

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.