Veeam announced it has received $500 million in investment from Insight Venture Partners to accelerate its growth in the data management sector.
As part of the agreement, Veeam will also receive support from the investor's internal business strategy arm, Insight Onsite as well as the capital to invest in smaller organisations as part of its merger and acquisition plan.
Veeam and Insight Venture Partners have a solid history, with the investment firm contributing to Aelita Software, the first company set up by founder Ratmir Timashev, Bill Largent and Andrei Baronov.
"Back then, we relied on Insight to provide strategic counsel and support, and after we sold that company to Quest Software in 2004, we continued our relationship," said Timashev. "Over the years, Insight has been a trusted advisor to Bill Largent, Andrei Baronov and me, even acquiring a minority share in Veeam back in 2013."
Veeam has grown fast over the last five years, boasting more than 325,000 customers and 60,000 partners. It now wants to take this to the next levels and snatch a greater market share from the likes of IBM, Dell and Veritas.
Insight Venture Partners explained it wanted to invest in Veeam so it could help the data management business to become the "most trusted" backup provider through the Veeam Availability Platform.
"Over the past decade, Veeam has established itself as the premier vendor for on-premises backup and recovery software, and is now No.1 in the market for providing data management for public and private cloud environments," Michael Triplett, managing director at Insight Venture Partners, and member of the Board of Directors at Veeam.
"Veeam has unparalleled leadership in terms of technology, vision and go-to-market strategies, which we believe will only further extend its No.1 market position. Insight is thrilled to continue this journey with Veeam's management."
