Investment firm puts down $5bn to acquire Veeam
Summary
Veeam Software remains tight-lipped about how its acquisition by US-based venture capital and private equity firm Insight Partners will impact local operations. Last week, it was revealed software investor Insight Partners has entered into a definitive agreement to acquire the backup and disaster recovery solutions provider, in a deal valued at $5 billion. Furthermore, the acquisition will enable Veeam to accelerate its second act (Veeam’s evolution into hybrid cloud), expand into new markets and continue its growth trajectory. It focuses on products that increase the resistance of virtualised workloads, reduce downtime and ensure the system availability required by service-level agreements. “Veeam has one of the highest calibre global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivalled pace.” Mike Triplett, Insight Partners MD and Veeam board member, states: “Veeam’s strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make Veeam one of the most exciting software companies in the world today.