Insight Partners Gobbles up Veeam Software
Posted on 01/10/2020
Based in Baar, Switzerland, Veeam Software is a privately-held company that develops backup, disaster recovery, and intelligent data management software for virtual, physical, and multi-cloud infrastructures. The company’s headquarters are in Baar, Switzerland. Insight Partners inked a deal to acquire the firm for roughly US$ 5 billion. Insight Partners already had a stake in Veeam investing US$ 500 million in January 2019. Canada Pension Plan Investment Board (CPPIB) was an earlier co-investor in Veeam.
Post-transaction, Veeam will become a U.S.-based company. At the moment, Veeam claims to have more than US$ 1 billion in annual revenue. In addition, Insight Partners Managing Directors, Ryan Hinkle and Ross Devor, will be joining the Veeam board once the deal is done.
Russians Ratmir Timashev and Andrei Baronov are the founder of Veeam and there is a research and development office based in St. Petersburg, Russia. These founders are stepping down from the board once the deal is done. Furthermore, William Largent, Veeam’s former executive vice president of operations, was named CEO of the company as part of the deal.
