Storage News
5 Things To Know About The Massive $5B Acquisition Of Veeam
Joseph F. Kovar
Co-founders Baranov and Timashev are leaving as Veeam looks to re-focus its energy from its dominance in its European market to seeking dominance in the much larger, much faster growing U.S. market, with the help of an experienced investment team.
While Baar, Switzerland-based Veeam is the dominant vendor in Europe's data management and data protection market, it is only number four in the U.S. market. But the U.S. has the biggest and fastest-growing market, and is home to those all-important cloud providers that will continue to drive IT market growth in the future.
And that is where Insight Partners sees opportunity. The New York-based private equity company, which focuses on the software and SaaS market, is acquiring Veeam in a transaction valued at about $5 billion, with an eye on providing the management it sees necessary for Veeam to make a big play for the U.S. market. Veeam, unlike many non-public and even some public storage vendors, is perfectly capable of surviving and thriving on its own given its $1-billion-plus in annual revenue and a profitable business. But Insight Partners thinks Veeam can grow much faster with a bit of help.
Turn the page to see five key points to understanding just how big a deal this acquisition is and how Insight Partners thinks it can accelerate Veeam's growth.
