Veeam Software, a backup solutions specialist that enables Intelligent Data Management™, today announced that Insight Venture Partners has invested $500m with strong participation from strategic investor Canada Pension Plan Investment Board (CPPIB) to accelerate the next phase of Veeam’s growth.
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 $1bn 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 $30bn to address. Testament to this growth, Veeam touches more production environment workloads than any other systems management company in the market.
Ratmir Timashev, Co-Founder and Executive Vice President (EVP), Sales and Marketing, at Veeam said: “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.
“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 percent 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.”
Pursuant to the terms of this investment Insight Venture Partners’ Managing Director, Michael Triplett, will join Veeam’s Board of Directors.
Gordon R.Caplan, Co-Chairman of Willkie Farr & Gallagher LLP., served as advisor for the deal.