Veeam has raised $500m investment from Insight Venture Partners, which will be used to accelerate the next phase of the company's growth.
The investment round in privately-held Veeam includes participation from the Canada Pension Plan Investment Board (CPPIB)/
The deal aims to leverage Insight Venture Partners' expertise and the funding to enable Veeam to accelerate its growth trajectory through both organic growth, in areas such as portfolio innovation and geographical expansion,; and via M&A activity to expand into adjacent markets, the company said in a statement.
Pursuant to the terms of this investment Insight Venture Partners' Managing Director, Michael Triplett, will join Veeam's Board of Directors.
"We have a long-standing relationship with Jeff Horing and Michael Triplett from Insight Venture Partners, having worked with them since 2002 when Insight invested in our first company, Aelita Software," said Ratmir Timashev, Co-Founder and Executive Vice President (EVP), Sales and Marketing, at Veeam.
"Back then, we relied on Insight to provide strategic counsel and support, and after we sold that company to Quest Software in 2004, we continued our relationship. Over the years, Insight has been a trusted advisor to Bill Largent, Andrei Baronov and me, even acquiring a minority share in Veeam back in 2013. Today, Veeam is leading the data management space, with more than 325,000 customers, 60,000 partners, 82% of the Fortune 500 relying on our solutions, and with industry analysts heralding us as Leaders across all sectors; with Insight and CPPIB's, investment I know we will take this to the next level."
"Over the past decade, Veeam has established itself as the premier vendor for on-premises backup and recovery software, and is now number one in the market for providing data management for public and private cloud environments. Only great companies like Amazon and Apple have been able to pivot into market leading positions in multiple markets, and Veeam now joins this elite group," commented Michael Triplett, Managing Director at Insight Venture Partners, and member of the Board of Directors at Veeam.
"Veeam has unparalleled leadership in terms of technology, vision and go-to-market strategies, which we believe will only further extend its number one market position. Insight is thrilled to continue this journey with Veeam's management."