Insight Partners acquires Veeam

The deal is reportedly valued at $5bn.

Veeam will become a US-headquartered company with a leadership team based in North America following the acquisition, the GP said in a statement.

Financing for the deal was provided by JP Morgan, Goldman Sachs, Morgan Stanley, Ares Management, Bank of America, Golub Capital and Antares Capital.

Previous funding
Unquote sister publication Mergermarket reported that Insight Venture Partners and Canada Pension Plan Investment Board invested $500m in Veeam in January 2019. The company said in a statement that it planned to support its growth through add-on acquisitions.

Company
Veeam provides cloud-based data and backup services. It has offices in 30 countries and has 365,000 customers worldwide. Veeam offers tailored services for healthcare and education organisations, and federal, state and local government. It has partnerships with software providers IBM, Microsoft Azure and Lenovo. It claims its customer base includes 81% of the Fortune 500 companies. 

The company reports sales of more than $1bn and has a headcount of 3,758. Veeam was founded in 2006 and is based in Baar, Switzerland.

People
Veeam Software – William Largent (CEO); Danny Allan (chief technology officer).

Advisers
Equity – Goldman Sachs (corporate finance); JP Morgan (corporate finance); Morgan Stanley (corporate finance); Willkie Farr & Gallagher (legal). 
Company – Ropes & Gray (legal).

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