Insight Venture Partners Invests $500 Million In Veeam
Veeam Software, the Switzerland based leader in Backup solutions that enable Intelligent Data Management, today announced that Insight Venture Partners has invested $500 million to accelerate the next phase of Veeam’s growth as the provider of Data Management solutions for the public and private cloud. Veeam will leverage Insight Venture Partners’ internal business strategy arm, Insight Onsite, and capital to accelerate its expansion through both organic growth and M&A activities.
Veeam is one of the largest privately held software companies in the world, with approximately $1B in sales and more than 325,000 customers, adding 50,000 new customers every year. Veeam has been growing organically over the last 12 years in a rapidly expanding cloud data management market that enterprises annually spend an estimated $30 billion to address. Testament to this growth, Veeam touches more production environment workloads than any other systems management company in the market.
“We have a long-standing relationship with Jeff Horing and Michael Triplett from Insight Venture Partners, having worked with them since 2002 when Insight invested in our first company, Aelita Software”, says Ratmir Timashev, Co-Founder & Executive Vice President (EVP), Veeam. “Back then, we relied on Insight to provide strategic counsel and support, and after we sold that company to Quest Software in 2004, we continued our relationship. Over the years, Insight has been a trusted advisor to Bill Largent, Andrei Baronov and me, even acquiring a minority share in Veeam back in 2013. Today, Veeam is leading the data management space, with more than 325,000 customers, 60,000 partners, 82% of the Fortune 500 relying on our solutions, and with industry analysts heralding us as Leaders across all sectors; with Insight and CPPIB’s, investment I know we will take this to the next level”, he adds.
“Over the past decade, Veeam has established itself as the premier vendor for on-premises backup and recovery software, and is now #1 in the market for providing data management for public and private cloud environments. Only great companies like Amazon and Apple have been able to pivot into market leading positions in multiple markets, and Veeam now joins this elite group. Veeam has unparalleled leadership in terms of technology, vision and go-to-market strategies, which we believe will only further extend its #1 market position. Insight is thrilled to continue this journey with Veeam’s management”, says Michael Triplett, Managing Director (Insight Venture Partners) & member of the Board of Directors, Veeam.