Insight Partners has announced plans to acquire Veeam Software, a Swiss-based cloud data management vendor, in a deal estimated at approximately $5 billion.
Under the plan, Veeam will become a U.S. company, with a U.S.-based leadership team, while continuing its global expansion from offices in 30 countries and with customers in over 160 countries. As part of the acquisition, William H. Largent has been promoted to CEO and Danny Allan has been promoted to CTO.
“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market,” said Largent. 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 delivers backup solutions designed to enable cloud data management, and has recently launched cloud-native solutions that will enable customers to manage, migrate, orchestrate and protect data across AWS and Microsoft Azure environments. The company reports more than $1 billion in annual sales and more than 365,000 customers worldwide.
The acquisition is expected to close during the first quarter of 2020.
The acquisition is intended to enable Veeam to expand into new markets and continue its growth trajectory.