PE firm Insight Partners to acquire cloud company Veeam in $5 Bn deal
Category: #business  By Saipriya Iyer  Date: 2020-01-11
  • share
  • Twitter
  • Facebook
  • LinkedIn

PE firm Insight Partners to acquire cloud company Veeam in $5 Bn deal

US-based private equity firm Insight Partners has recently announced its acquisition of data management firm Veeam. The deal, valued at $5 billion, will result in the shift of the Swiss company’s headquarters to the United States. A new executive team will also be employed following the acquisition.

This announcement comes along the heels of a $500 million funding round for Veeam, led by Insight Partners in January 2019.

Insight Partners MD, Mike Triplett was reportedly quoted as stating that finding a company of this magnitude with such immense growth potential is rare. Mr. Triplett, who also sits on the Veeam board, will be joined by two other Insight Partners directors, in addition to Nick Ayers, Vice President Mike Pence’s former Chief of Staff.

Veeam, previously focused mainly on providing data management services to on-prem data centers, has now expanded its service portfolio. The company has started offering data management & enterprise application support to native cloud platforms like Amazon Web Services, meeting competitors like Dell EMC, Veritas Technologies and Commvault head on. The company, based in Barr, Switzerland, featured in the number 27 spot on the Forbes 2019 Cloud 100 list.

Veeam co-founder Ratmir Timashev had previously stated in 2018, that there was not a single reason for them to sell the company. However, in recent times, the company is experiencing a shift, dubbed by Timashev as “act two”. This shift involves a renewed focus of the company on winning the hybrid cloud market, and integrating cloud services like Azure, Office 365 or AWS into on-premises data centers.

Winning the hybrid cloud battle is the motivation for Veeam’s entry into the U.S markets, according to Timashev. He further added that the resources provided by Insight Partners would aid Veeam’s transition to new markets and help recenter the firm’s operations near a majority of large corporations.

Veeam cofounders including Timashev and Andrei Baronov, will step back from their board duties and transition out of the firm by mid-2021. They will continue to serve as consultants for the new team, which will be led by Veeam’s Executive VP of operation & incoming CEO William Largent.

The acquisition is set to be completed by March 2020.

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Saipriya Iyer    

Saipriya Iyer

A content developer by choice, Saipriya Iyer holds a rich experience portfolio of more than five years in the content creation domain. Equipped with substantial expertise across the business, technology, and finance domains, Saipriya currently pens down insightful art...

Read More

More News By Saipriya Iyer

NVIDIA A100 Tensor Core GPU now made available on Google Cloud
NVIDIA A100 Tensor Core GPU now made available on Google Cloud
By Saipriya Iyer

California-based technology major Nvidia Corporation has reportedly announced that its NVIDIA A100 Tensor Core GPU has been made available on Google Cloud. A100 has been developed based on the lately introduced NVIDIA Ampere architecture and marks N...

SoftBank walks out of Wirecard deal amid mismanagement allegations
SoftBank walks out of Wirecard deal amid mismanagement allegations
By Saipriya Iyer

Japanese conglomerate SoftBank Corporation has reportedly announced that it is looking to distance itself from the German payments company, Wirecard, due to an ongoing scandal involving the issue of money and cooked books. According to SoftBank, it ...

RAD adds new mask detection feature to its autonomous security system
RAD adds new mask detection feature to its autonomous security system
By Saipriya Iyer

Artificial Intelligence Technology Solutions has reportedly announced that its robotics arm, Robotic Assistance Devices, has added an advanced mask detection feature to its property management and autonomous security devices. This system will support...