Veeam to be acquired by Insight Partners in $5 billion deal

Veeam has always been a green company in terms of its branding and UI at least and now the Swiss cloud backup and data management provider is getting its Green Card.Software investor Insight Partners announced it is set to acquire Veeam in a transaction valued at $5 billion (£3.84bn), with Veeam becoming a US-based company with a US leadership team.Veeam focuses on what it describes as a ‘single platform for cloud, virtual and physical’; integrating cloud backup and disaster recovery, orchestration, mobility, monitoring and analytics. The company has found leadership roles in Gartner’s Magic Quadrant for data centre backup and recovery solutions on three occasions, with Insight Partners boasting Veeam as ‘the clear market leader’, with more than $1 billion claimed in annual sales and more than 365,000 global customers.William H. Largent, previously executive vice president operations, is promoted to CEO as part of the acquisition. “Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the US market,” said Largent in a statement. “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.