INSUBCONTINENT EXCLUSIVE:
Last year Insight Partners invested $500 million in cloud data management company Veeam
It apparently liked the company so much that today it announced it has acquired the Swiss startup for $5 billion.Veeam helps customers with
cloud data backup and disaster recovery
The company, which has been based in Baar, Switzerland, says that it had $1 billion in revenue last year
It boasts 365,000 customers worldwide, including 81% of the Fortune 500.Ray Wang, founder and principal analyst at Constellation Research,
says that data management is an increasingly important tool for companies working with data on prem and in the cloud
Room.The deal is coming with some major changes
Largent, will be promoted to CEO
Danny Allan, who was VP of product strategy, will be promoted to CTO
In addition, the company will be moving its headquarters to the United States Veeam currently has around 1,200 employees in the United
States , but expects to expand that in the coming year.New CEO Allan says in spite of their apparent success in the market, and the high
companies be more successful
It provides a range of services in key business areas, like sales, marketing and product development.Veeam has backup and recovery tools for
both Amazon Web Services and Microsoft Azure, along with partnerships with a variety of large enterprise vendors, including Cisco, IBM, Dell
The deal is expected to close in the first quarter this year.
