Insight Partners, an American venture capital and private equity firm has announced its purchase of Veeam, a Switzerland-based information technology company for worth $5 billion.
Previously, Insight Partners had invested around $500 million in Veeam and apparently liked its performance which lead to invest such big bucks to acquire the company.
In this acquisition, it has been declared that William Largent, EVP or operations will be the new CEO of Veeam under the leadership of Andrei Baronov, the Co-founder and current CEO of Veeam. It has also been decided that Andrei and Ratmir Timashev, the other Co-founder, will step-down from the board.
William stated in a press statement that, “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. We believe this acquisition will allow us to scale our team and technology at an unrivalled pace.”
Veeam has disclosed that it had achieved around $1 billion revenue last year with over 365,000 customers which include 81% of Fortune 500. With these stats, company claims that it is one of the leaders by revenue and customer count in cloud data management and data protection market.
Mike Triplett, the Managing Director of Insight Partners and Board Member in Veeam states, “Veeam’s strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make Veeam one of the most exciting software companies in the world today.”
The acquisition is being expected to be closed by the first quarter of this year.