Veeam plans investments after $5bn Insight Partners buy

Expansion is on the cards at Veeam after the data management firm was acquired by Insight Partners for $5bn.

Over the past few years Veeam has worked hard to build up its channel base, both organically and via partnerships with other vendors, and the early signs are that the shift in ownership will provide more resources to continue that progress.

Under the terms of the deal struck with Insight, Veeam will become a US company with an American leadership team, which will be headed by William Largent, who has been promoted to CEO from evp operations. Danny Allen has also been promoted into the CTO position from his previous job as vp of product strategy. Following the acquisition, which should close by Q1, Veeam's co-Founders Andrei Baronov and Ratmir Timashev will step down from the Board.

Insight took an investment in the business at the start of last year and had been encouraging Veeam to develop its cloud software options, which had filtered through to the vendor opening the door towards more MSPs.

Only last month the firm launched its Accredited Services Partner (VASP) programme taking its existing professional services department and making sure that it was able to offer support to the channel, giving resellers access to a range of resources that should help them compete for more complex deals.

Insight has plans to develop the business and invest heavily in US operations as well as keeping the momentum going in EMEA.

“Veeam’s strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make Veeam one of the most exciting software companies in the world today,” said Insight Partners managing director and Veeam Board member Mike Triplett.

“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,” he added.

The CTO Allan said that the opportunities for a firm that specialised in data were significant because user's legacy systems could not keep up with the changes.

In his first comments as CEO Largent outlined plans to ramp up the operations on the otherside of the Atlantic: “Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market. 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."