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Insight already had a stake in Veeam, as it invested $500 million into the company last January. Veeam, which was founded in 2006, provides cloud data backup for companies, and has offices in more than 30 countries.
With the acquisition, which is expected to close during the first quarter of this year, Switzerland-based Veeam will become an American company with a U.S.-based leadership team, Insight said in a statement. Former Veeam executive vice president of operations William H. Largent will become the company’s new CEO.
“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market,” Largent said in a statement. “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 currently has more than $1 billion in annual sales and more than 365,000 customers, according to the statement. The company says it counts 81 percent of the Fortune 500 as its customers.
“Veeam’s platform is the most advanced and complete data management solution available to businesses requiring a seamless blend of data backup and recovery, data protection, data security and data availability,” Insight Partners managing director Mike Triplett said in a statement. “We are committed to supporting Veeam’s next phase of leadership and growth in the United States, continued market-share leadership position in EMEA and continued global expansion.”
Once the acquisition has closed, Veeam co-founders, Andrei Baronov and Ratmir Timashev will step down from the company’s board of directors, and Insight Partners managing directors Ryan Hinkle and Ross Devor, along with co-investor Nick Ayers, will join the board.
Illustration Credit: Li-Anne Dias