Leading data management firm Veeam Software has landed a $500 million investment from Insight Venture Partners.
The Switzerland-based company is currently one of the largest private software companies around the globe, having over 325k customers and generating approx. $1 billion in sales. Over the last few years, Veeam has experienced significant growth in the rapidly evolving cloud data management market.
The new funding round led by Insight Venture Partners will accelerate the next phase of Veeam’s growth, as the company aims to become a leader in data management solutions for public and private cloud.
“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,” said Ratmir Timashev, Co-Founder and Executive Vice President (EVP), Sales and Marketing, at Veeam.
“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.”
Along with the capital, Veeam is also going to gain benefit from Insight Onsite, an internal business strategy arm of Insight Venture Partners. It will allow Veeam to speed up its organic growth, as well as drive expansion in adjacent markets.
“Over the past decade, Veeam has established itself as the premier vendor for on-premises backup and recovery software, and is now No.1 in the market for providing data management for public and private cloud environments. Only great companies like Amazon and Apple have been able to pivot into market leading positions in multiple markets, and Veeam now joins this elite group,” commented Michael Triplett, Managing Director at Insight Venture Partners, and member of the Board of Directors at Veeam.
“Veeam has unparalleled leadership in terms of technology, vision and go-to-market strategies, which we believe will only further extend its No.1 market position. Insight is thrilled to continue this journey with Veeam’s management.”
The new funding will also enable Veeam to progress towards its mission to become the most trusted provider of Backup solutions, and deliver agility, availability, and business acceleration to global customers through the Veeam Availability Platform.