Software investor Insight Partners has agreed to acquire Veeam Software, a supplier of backup solutions that deliver Cloud Data Management, in a transaction valued at approximately $5 billion.
The acquisition, which is expected to close during the first quarter of 2020, will enable Veeam to accelerate its evolution into Hybrid Cloud, expand into new markets and continue its business growth.
Veeam co-founders Andrei Baronov and Ratmir Timashev will step down from the Board — following the acquisition.
William H. Largent has been promoted to chief executive officer (CEO) – he previously held the role of executive vice president (EVP), Operations – and Danny Allan has been promoted to chief technology officer (CTO).
Veeam is the market leader with over $1 billion in sales and more than 365,000 customers worldwide.
“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,” said William H. Largent, CEO at Veeam.
According to the latest IDC Software Tracker, Veeam is the #1 market-share leader in EMEA and the #4 worldwide, after DellEMC, Veritas and IBM.