Last year Insight Partners invested $500 million in cloud data management company Veeam. Now, the company announced it has acquired the Swiss startup for $5 billion. Veeam, the Baar, Switzerland-based company that provides mostly cloud data backup and disaster recovery claims $1 billion in revenue last year. It boasts 365,000 customers worldwide, including 81% of the Fortune 500.
With the deal, Veeam’s executive vice president of operations, William H. Largent, will be promoted to CEO. Danny Allan, who was vice president product strategy, will be promoted to CTO. In addition, the company will be moving its headquarters to the U.S. Veeam currently has around 1,200 employees in the U.S. but expects to expand that in the coming year.
“While Veeam’s preeminence in the data management space, currently supporting 81% of the Fortune 500, is undeniable, this commitment from Insight Partners and deeper access to its unmatched business strategy [from its scale-up] division, Insight Onsite, will bring Veeam’s solutions to more businesses across the globe,” said Allan
It’s likely Veeams backup and recovery tools for both Amazon Web Services and Microsoft Azure, along with partnerships with a variety of large enterprise vendors, including Cisco, IBM, Dell EMC and HPE, will be part of Insight Onsite, Insight Partners’ strategy arm.