CPPIB and Insight Invest $500 Million in Swiss Data Recovery and Backup Company
Posted on 01/17/2019
Baar, Switzerland-based Veeam Software locked in US$ 500 million in investment from Insight Venture Partners and the Canada Pension Plan Investment Board (CPPIB). Founded in 2006, Veeam Software is a provider of data management solutions, such as backup and data recovery solutions, for the public and private cloud. Veeam Software claims it has roughly US$ 1 billion in sales last year and more than 325,000 customers. Insight Venture Partners acquired a minority stake in Veeam back in 2013.
Pursuant to the terms of this investment, Insight Venture Partners’ Managing Director, Michael Triplett, will join Veeam’s board of directors.
Gordon R. Caplan, Co-Chairman of Willkie Farr & Gallagher LLP, served as advisor for the deal.
Some of Veeam’s competitors include Palo Alto-based Rubrik, which in January raised US$ 261 million in a Series E funding round from investors such as Khosla Ventures, Greylock Partners, Lightspeed Venture Partners, IVP, and Bain Capital Ventures.