On January 9, 2020, Veeam announced that it has entered into a definitive agreement of purchase with Insight Partners, and the deal is expected to finalize in the first quarter of 2020.
Cofounders Ratmir Timashev and Andrei Baronov will be stepping down from the board of directors. According to the Veeam website, they will retain senior leadership roles. William H. Largent has been promoted to CEO and board chairman.
The acquisition is the second one in rapid succession for Insight Partners: On January 6, the company confirmed it had purchased Armis Security for US$1.1 billion. That same day, Veeam announced that Danny Allan had been promoted to the role of CTO while retaining his Vice President of Product Strategy responsibilities.
Under the acquisition, Veeam, which is currently based in Switzerland, becomes an American company with a US-based leadership team.
The soon-to-be-merged organizations are no strangers to each other. In partnership with Insight Partners, Veeam released some key improvements in 2019, including Veeam Backup for AWS, Microsoft Office 365, and Microsoft Azure.
Source: Veeam Availability Suite at SoftwareReviews. Accessed January 10, 2020.
Insight Partners’ acquisition of Veeam adds a strong performer to its portfolio.
With its track record of focusing on cloud-based and security solutions, it just might be acquiring one of the key products you’re using today.
Although Insight Partners seems to let these companies stand on their own, we believe there would be value in integrating capabilities. Recorded Future (acquired in May 2019) brings the ability to introduce machine learning, analytics, and cybersecurity, while the recently acquired Armis Security would augment cybersecurity in the Internet of Things (IoT) space.
Earlier acquisitions of Diligent (February 2016) and Resolve Systems (May 2017) also lend themselves to building on one truly complete solution set under the Veeam umbrella.
If Insight Partners were to pull all the key components together, it could create a Veeam that would truly beat the likes of Veritas and Commvault. While Insight Partners clearly is still assembling its many puzzle pieces into a cohesive whole, and the narrative remains subject to change, 2020 is already shaping up to be a fascinating chapter for the organization. It’s most certainly a company to watch.