Cloud data management firm Veeam Software is in the process to be acquired by a software investor, Insight Partners. The deal is worth around $5 billion.
Software investor Insight Partners reached an agreement with Veeam Software on their acquisition by the group. Cloud data management provider is going to be bought for around 5 billion USD acquisition and will become a United States company with U.S. based leadership. This is likely to be closed in the first quarter of 2020.
Serving over 365,000 customers
Working with many cloud providers and on top of their services, Veeam has around 1 billion USD of sales per year. Veeam also received another funding at the beginning of 2019 from the same investors, Insight Partners and continued to grow and diversify its services. During 2019, Veeam launched a couple of new services targeting Amazon Web Services, Microsoft Office 365 ecosystem, and Microsoft Azure.
William H. Largent, CEO at Veeam said, “Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market,”. He also commented on the acquisition process, saying “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. Veeam has one of the highest caliber global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivaled pace.”
Veeam has offices in 30 countries and over 365,000 customers across 160 countries.