Veeam Software, the leading name in Backup solutions that provide Cloud Data Management, announced on Jan 9, 2020, that Insight Partners had completed it’s acquisition for a value of nearly $5 billion
Fremont, CA: Veeam Software, the leading name in Backup solutions that provide Cloud Data Management, announced on Jan 9, 2020, that Insight Partners had completed the former’s acquisition for a value of nearly $5 billion. The acquisition of Veeam, a company with over $1 billion in annual sales and over 365,000 customers across the globe, is expected to fuel its accelerated growth in the U.S. market.
Bill Largent, CEO at Veeam, said, “Insight has been a trusted partner since 2013 when they made their first minority-stake investment in 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.”
The acquisition allotted new appointments including the promotion of William H. Largent, previously held the role of Executive Vice President (EVP),Operations, to Chief Executive Officer (CEO); promotion of Danny Allan to Chief Technology Officer (CTO).
Danny Allan, CTO at Veeam, remarked, “Veeam has become the No. 1 market share leader in EMEA over the past decade, where approximately 50 percent of our current business comes from. 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.”
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