Insight Partners to acquire Veeam in $5bn deal
SOFTWARE investor insight Partners has entered into a definitive agreement to acquire Veeam Software for $5bn, according to IT-ONLINE.
Under the ownership of insight Partners, Veeam will become a US company, with a Us-based leadership team, while continuing its global expansion from offices in 30 countries and with customers in over 160 countries.
The acquisition, which is expected to close during the first quarter of 2020, will enable Veeam to accelerate its Act ii (Veeam’s evolution into hybrid Cloud), expand into new markets and continue its growth trajectory.
As part of the acquisition, William Largent has been promoted to chief executive officer – he previously held the role of executive vicepresident, operations – and Danny Allan has been promoted to chief technology officer.
Following an investment from insight Partners at the beginning of 2019, Veeam worked alongside insight Partners’ business strategy and Scaleup division, insight onsite, to expand its software-defined Veeam Cloud Data Management Platform.
The company launched a number of new innovations over the last year, such as Veeam Backup for Amazon Web Services, Veeam Backup for Microsoft Office 365 v4, Veeam Universal License and announcing Veeam Backup for Microsoft Azure – growing its share of the US market, as well as cementing its position in the global market.
The acquisition and bolstering of the US leadership will accelerate Veeam’s growth trajectory and expansion into adjacent markets.
Largent said, “Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the US market.”