Veeam hints at expansion after landing $500m funding
The data management player already boasts 60,000 global partners and is looking at giving them more products and markets to sell and focus on
Veeam has indicated that mergers and acquisitions could be on the cards after it secured a $500m investment from Insight Venture Partners.
The backup specialist has remained a privately owned company despite many in the industry viewing it as a good target for some of the larger data and networking vendors.
With the latest investment there is a chance that the firm will increase its organic investments, extend its geographical footprint and will look to acquisition as a way of extending its position in the market.
Ratmir Timashev, co-founder and executive vice president (EVP), sales and marketing, at Veeam, said that he had a personal relationship with Insight Venture Partners that stretched back to 2002 and the firm acquired a minority share in the business back in 2013.
"Today, Veeam is leading the data management space, with more than 325,000 customers, 60,000 partners, 82% of the Fortune 500 relying on our solutions, and with industry analysts heralding us as Leaders across all sectors; with Insight and CPPIB’s, investment I know we will take this to the next level," said Timashev.
Michael Triplett, managing director at Insight Venture Partners, and member of the Board of Directors at Veeam, said that it was investing in a firm that had a strong foothold in both the on-prem and cloud markets.
"Only great companies like Amazon and Apple have been able to pivot into market leading positions in multiple markets, and Veeam now joins this elite group,” he said.
The Veeam investment comes a day after Rubrik, which also operates in the data management space, attracted $261m in its latest round of funding, valuing the company at $3.3bn.
Rubrik is also planning to use its access to funds to develop its business organically and support the launch of products scheduled to be released this year.
“This new capital will speed the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise," said said Bipul Sinha, Co-founder and CEO at Rubrik.
Unlike Veeam, which has remained steadfastly private, the firm looks like it is heading towards an IPO.