Insight Partners Completes Acquisition of Veeam

Veeam Software, Inc. announced that Insight Partners has completed its acquisition of the company, which was announced on January 9, 2020, at a valuation of approximately $5 billion.

Following an investment from Insight Partners at the beginning of 2019, the acquisition of Veeam, with over $1 billion in annual sales and more than 365,000 customers worldwide, will drive accelerated growth in the US market.

“Insight has been a trusted partner since 2013 when they made their first minority-stake investment in Veeam,” said Bill Largent, CEO, Veeam.” They are known for taking high-growth international companies and driving their success in the US 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.”

In addition to enabling Veeam to accelerate its Act II, the company will move the company’s HQs to the US from Switzerland and add strength to its executive team.

As part of the acquisition, the following appointments have been made:
• William H. Largent has been promoted to CEO). He previously held the role of EVP, operations.
• Danny Allan has been promoted to CTO.
• Gil Vega, previously MD and chief information security officer (CISO) at CME Group, Inc. and the Associate CIO & CISO for the US Department of Energy and US Immigration & Customs Enforcement in Washington, DC, has been appointed CISO.
• Nick Ayers, of Ayers Neugebauer & company, a member of the World Economic Forum’s Young Global Leaders and former chief of staff to the VP of the United States, joins Insight Partners MDs Mike Triplett, Ryan Hinkle, and Ross Devor on the Veeam board of directors.

“Veeam has become the ≠1 market share leader in EMEA over the past decade, where approximately 50% of our current business comes from,” said Allan. “With the Insight acquisition completed today and our recent release of the new Veeam Availability Suite v10 – the next gen 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.”

“The future of cloud computing is hybrid – where data is created, stored, managed, and replicated across platforms and environments,” said Crawford Del Prete, president, IDC. “Veeam has consistently addressed the hard problems that customers have around next-gen data management. This is a significant transaction that provides the additional resources necessary for Veeam to address the needs of an increasingly diverse and complex customer landscape.”

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Insight Partners to Acquire Veeam for $5 Billion
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January 13, 2020 | Press Release