“Veeam’s strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make Veeam one of the most exciting software companies in the world today,” said Insight Partners managing director Mike Triplett, who will also now sit on Veeam’s board, in a media statement. “Veeam’s platform is the most advanced and complete data management solution available to businesses requiring a seamless blend of data backup and recovery, data protection, data security and data availability. We are committed to supporting Veeam’s next phase of leadership and growth in the United States, continued market-share leadership position in EMEA and continued global expansion.”
Insight’s purchase of Veeam is the latest in an ongoing wave of increasingly large IT-related investments by private equity firms. Last November, for example, Apollo Global Management announced its intention to buy Tech Data in a deal that will be worth approximately $6 billion when it goes before shareholders next month. Thoma Bravo, which owns ConnectWise and Barracuda Networks, among others, bought security vendor Sophos for some $3.9 billion a month earlier.
Private equity investor globally entered 2020 with a record $1.5 trillion in unspent and available capital.