One of the reasons I enjoy tech so much is that it’s dynamic. There’s no resting on your laurels, regardless of how much success you’ve notched. For those with dreams (or a Veeam dream) of getting and staying ahead, fresh approaches and strategies are required, and change and new opportunities can follow quickly.
The latest major example – one of the more significant I’ve seen – is the recent acquisition of Veeam by Insight Partners for $5 billion.
First, I’d like to congratulate Veeam’s leadership and all of the people who played their part. I’ve worked with this crew for more than a decade as they changed the market and set a new standard for backup and disaster recovery, starting with virtualized environments and then moving into cloud workloads. They’re acknowledged as the space’s leader by top analysts, posted over $1 billion in annual sales, and have more than 365,000 customers, racking up 170 industry honors along the way.
They’ve worked tirelessly, and if any company and staff deserves recognition for their accomplishments, it’s Veeam.
As you likely know, our company and Veeam have a long and productive history. OffsiteDataSync was one of the first to join the Veeam Cloud & Service Provider (VCSP) program, and is a Platinum Partner along with KeepItSafe. We were named VCSP Growth Partner of the Year for 2016 and 2017, taking home a Veeam Innovation Award and “Best of Show” at Velocity 2019. Our team also holds Veeam Certified Engineer certifications and two of our architects are Veeam Vanguards.
I’ve noted the importance of our relationship with Veeam before and am gratified to see two of the company’s veterans taking over leadership reins. Bill Largent’s promotion to CEO and Danny Allan’s appointment as chief technology officer (CTO) ensures continuity on both the product development side and its channel strategy. The company is in good hands, and further, the stated goal of the acquisition is to accelerate expansion while cementing Veeam’s global leadership position.
But what makes this the best of all worlds is that Insight Partners is the buyer – and they’re no stranger, either.
Insight Partners bought a stake from Veeam in 2013 because founder, Ratmir Timashev, wanted their expertise on his board to identify and execute on new growth opportunities. And last year, they made a sizable $500 million investment to accelerate the next phase of the Veeam’s growth.
They clearly like what they see and are now “all in” on Veeam’s future.
Insight Partners is the type of private equity owner that you want. They have the correct focus and a proven track record of identifying emerging tech and trends. They have more than $20 billion in assets, not to mention access to networks, customers, resources, data, acquisition targets and counsel.
They have the right experience, too. With more than two decades of expertise in investing in software initiatives – encompassing more than 300 companies and 200 M&As – they know what it takes to grow success and build core capabilities from product development to team talent.
Simply put, with Insight Partners, Veeam can now bring to bear a lot more global resources, courtesy of an organization that has long understood, supported and believed in their mission. Insight places a high value on partnerships, too, which aligns with Veeam’s 100 percent channel strategy. Simply put, we’re looking forward to an even deeper relationship and expanded opportunities for everyone.
As Insight Partners Managing Director and Veeam Board member Mike Triplett noted: “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.”
Exciting? Damn right. Veeam, and its partners, are ready to build upon our success and take it to the next level. For us, the “Veeam Dream” just keeps getting better!