Software investor Insight Partners announced today that it has entered into a definitive agreement to acquire Veeam Software, backup solutions provider of cloud data management for c.£3.8bn.
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 H. Largent has been promoted to Chief Executive Officer (CEO) – he previously held the role of Executive Vice President (EVP), Operations – and Danny Allan has been promoted to Chief Technology Officer (CTO).
William H. Largent, CEO at Veeam said: “Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the US 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. Veeam has one of the highest caliber global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivaled pace.”
The Board of Directors will be immediately supplemented with software, government and business leadership as co-investor Nick Ayers, of Ayers Neugebauer & Company, a member of the World Economic Forum’s Young Global Leaders and former Chief of Staff to the Vice President of the United States, joins Insight Partners Managing Director Mike Triplett and Veeam CEO, William H. Largent on the Board. Following the acquisition, Co-Founders Andrei Baronov and Ratmir Timashev will step down from the Board. Additionally, Insight Partners Managing Directors Ryan Hinkle and Ross Devor will each serve on the Board once the acquisition has been completed.
Goldman Sachs & Co., J.P. Morgan and Morgan Stanley served as financial advisors, and Willkie Farr & Gallagher LLP served as legal counsel, to Insight Partners. Ropes & Gray LLP served as legal counsel to Veeam. Financing commitments for the transaction provided by affiliates of J.P. Morgan, Goldman Sachs & Co., Morgan Stanley, Ares Management, Bank of America, Golub Capital and Antares Capital.