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Insight Partners values Swiss software specialist at $5B in latest takeover

Insight Partners has acquired software company Veeam in an effort to build out its US presence. We spoke with Insight managing director Mike Triplett about the deal.

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Insight Partners, a software-focused firm that straddles the oft-uncrossed line between venture capital and private equity, has agreed to acquire Veeam in a deal that values the Swiss startup at $5 billion.

It’s not their first deal together. In 2013, Insight made its first minority investment in Veeam, which offers a cloud-based platform for data-backup management. It also funneled $500 million into the company about a year ago, in partnership with the Canada Pension Plan Investment Board.

New York-based Insight plans to expand Veeam’s US presence after the acquisition, according to Insight managing director Mike Triplett, who has worked with the software company since the 2013 investment and is also on its board of directors.

“We invest in software, we see just a ton of software assets in the market, and this one is just distinctly unique. It’s large, it’s profitable, it’s growing fast. They acquire in the order of 10,000 to 12,000 new customers per quarter ... so in the order of 50,000 a year,” Triplett told PitchBook. “It’s unique to be able to be a part of that. We saw a great opportunity to invest a lot of money into what we think is one of the more unique software assets globally.”

Veeam boasts annual sales exceeding $1 billion and more than 365,000 global customers—including 81% of the Fortune 500 companies. Not bad, especially given that the company was founded a little over a decade ago, in 2006.

To facilitate US growth, Veeam’s headquarters will shift from Baar, Switzerland, to a yet-to-be-determined US city. It will add “thousands” of new workers to the 1,200 already employed in the US, Triplett said, without cutting European personnel. Veeam’s C-suite is in for a shakeup though—co-founders Andrei Baronov and Ratmir Timashev are transitioning away from the company. Former executive VP of operations William Largent has been named CEO, and Danny Allan has been named CTO.

Veeam already has some major US customers. In 2019, it teamed with Amazon Web Services and Microsoft to develop custom data-backup products. Plus, it works with HP, NetApp and others.

Following the acquisition, Veeam will gain access to Insight’s in-house strategy unit, dubbed “Onsite,” which offers a suite of marketing, sales and R&D support for portfolio companies.

The deal represents Insight’s second billion-dollar buy of the week. On Monday, the 25-year-old firm announced plans to acquire Internet of Things security company Armis at a $1.1 billion valuation.

Featured image via xbrchx/iStock/Getty Images Plus

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    Written by Eliza Haverstock
    Eliza Haverstock was a PitchBook writer covering venture capital, startups, and private equity.

    A graduate of the University of Virginia where she majored in history and economics, she’s also a native of the Washington, DC, area. Previously, Eliza worked as a news editor for her college paper, The Cavalier Daily, and interned as an industrials reporter for Bloomberg in New York.
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