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Insight Partners inks $5bn agreement to acquire Veeam

Insight Partners inks $5bn agreement to acquire Veeam

Mubasher: Insight Partners, a leading software investor, has signed a $5 billion agreement to acquire Veeam Software, the Swiss leader in cloud data management, according to a press release on Sunday.

Expected to close during the first quarter of 2020, the acquisition will enable Veeam, with over $1 billion in annual sales and over 365,000 customers globally, to explore new markets and continue its growth.

With a US-based leadership team under the acquisition, Veeam’s CEO is William Largent, while its chief technology officer (CTO) is Danny Allan.

Largent said: “With the acquisition, we are excited that our current US workforce of more than 1,200 will be expanded and strengthened to acquire and support more customers.”

Meanwhile, Allan remarked: “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 and ScaleUp division, Insight Onsite, will bring Veeam’s solutions to more businesses across the globe.”