“Veeam’s strong growth, coupled with high customer retention, unparalleled data management solutions, and the opportunities to expand services into new markets, make Veeam one of the most exciting software companies in the world today,” said Mike Triplett, Insight Partners Managing Director and Veeam Board Member.
The founders of Veeam – Ratmir Timashev and Andrei Baronov will be stepping down as members of the Board of Directors at the close of the transaction, a press statement said
The transaction is expected to close in the first quarter of 2020.
The statement added that the co-founders neither will be employed by Veeam but shall remain involved with the company on a consulting basis and will continue to help to ensure Veeam’s future success.
Bill Largent will assume the role Chief Executive Officer (CEO) in addition to his position as Chairman of the Board of Directors. As recently announced, Jim Kruger has been promoted to Chief Marketing Officer (CMO) and Danny Allan promoted to Chief Technology Officer (CTO) & Senior Vice President (SVP) of Product Strategy.
Insight Partners, the US-based venture capital firm that manages assets over $24 billion, had already invested $500 million in Veeam in 2019. There was some speculation during that time that the VC firm is interested in increasing its state in coming times.
In India, Veeam had recently signed up with RAH Infotech as its national distributor which will sell and offer services for the former’s entire suite of cloud data management solutions in India.
Veeam’s main competitors include Dell EMC, IBM and Veritas and according to Gartner, the company is leader in its space in EMEA market and fourth globally in terms of market share. In 2019, Veeam registered bookings of $1 billion.
