Insight invests $500m in Veeam

The funding was led by Insight with strong participation from strategic investor Canada Pension Plan Investment Board. The funding is Veeam's second round of investment from US-based Insight.

The capital will be used to accelerate growth both through M&A activity targeting adjacent markets and through organic growth, specifically portfolio innovation and expanding the company's geographical footprint.

Insight's relationship with management at Veeam dates to 2002, when managing directors Jeff Horing and Michael Triplett invested in Aelita Software. Aelita was sold to Quest Software in 2004 and Insight continued to stay involved, first providing strategic counsel and support, and then investment to the trio who founded Veeam in 2006.

The VC firm is currently investing from its $6.3bn Insight Venture Partners X fund, which held a final close in July 2018.

Previous funding
Insight first acquired a minority stake in the company for an undisclosed amount in 2013. The business had approimately 73,000 paid customers in 2013, including 9,300 new customers that year.

Company
Headquartered in Baar, Switzerland, data management software developer Veeam now has offices in more than 30 countries. It counts Cisco, HPE, Lenovo and NetApp as exclusive resellers, and claims to have 82% of the Fortune 500 as clients.

Veeam has announced sales of approximately $1bn and has more than 325,000 customers, adding 50,000 new customers a year.

People
Insight Venture Partners – Michael Triplett (managing director).
Veeam – Ratmir Timashev (co-founder).

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