Veeam announced that Insight PArtners has completed the acquisition of the company at a valuation of approximately $5 billion.
Backup solutions provider that delivers Cloud Data Management, Veeam announced that Ingisht Partners has completed the acquisition of the company, which was announced earlier this year. Veeam announced that the acquisition of Veeam, following an investment from Insight Partners at the beginning of 2019, will drive accelerated growth in the U.S market. Veeam is the market leader with over $1 billion in annual sales and more than 365,000 customers worldwide.
New executive team members
Veeam also announced that the company will move the headquarters from Switzerland to the U.S. As a part of the acquisition, the company also made the following appointments:
- William H. Largent has been promoted to Chief Executive Officer (CEO). He previously held the role of Executive Vice President (EVP), Operations.
- Danny Allan has been promoted to Chief Technology Officer (CTO).
- Gil Vega, previously Managing Director and CISO at CME Group, Inc. and the Associate Chief Information Officer & CISO for the U.S. Department of Energy and U.S. Immigration & Customs Enforcement in Washington, DC, has been appointed Chief Information Security Officer (CISO).
- Nick Ayers, of Ayers Neugebauer & Company, a member of the World Economic Forum’s Young Global Leaders and former Chief of Staff to the Vice President of the United States, joins Insight Partners Managing Directors Mike Triplett, Ryan Hinkle, and Ross Devor on the Veeam Board of Directors.
Bill Largent, CEO at Veeam said,
“Insight has been a trusted partner since 2013 when they made their first minority-stake investment in Veeam. They are known for taking high-growth international companies and driving their success in the U.S. market, where they can add invaluable resources, support, and expertise. Veeam is positioned extremely well in the market and Insight is the right partner to help us achieve the next level of growth for our Act II, evolution into Hybrid Cloud, and the right time starts today.”
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