Software investor firm Insight Partners is buying backup and cloud company Veeam Software.
The amount for the deal has not been disclosed, although a value of $5bn is being thrown around. However, we do know that the deal means that previously-Swiss Veeam will become an American company with a U.S. leadership team.
William H Largent, who was the company’s Executive Vice President of Operations (EVP), will now hold the Chief Executive Officer (CEO) position, while Danny Allan, former Vice President (VP) of Product Strategy, will now fill the role of Chief Technology Officer (CTO).
The acquisition, expected to close in the first quarter of the year, will allow Veeam to move into its planned Act II – an evolution into Hybrid Cloud, the company said in a press release.
“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market. With the acquisition, we are excited that our current U.S. workforce of more than 1,200 will be expanded and strengthened to acquire and support more customers,” said William H. Largent, CEO at Veeam.
“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.”
Co-founders Andrei Baronov and Ratmir Timashev will step down from the Board, while co-investor Nick Ayers, of Ayers Neugebauer & Company, a member of the World Economic Forum’s Young Global Leaders and former Chief of Staff to the Vice President of the United States will be joining, together with Insight Partners Managing Director Mike Triplett and Veeam CEO, William H. Largent.
Once the acquisition completes successfully, Insight Partners Managing Directors Ryan Hinkle and Ross Devor will each serve on the Board, as well.