Insight Venture Partners and pension fund giant CPPIB have invested $500m in backup and data recovery business Veeam Software.
Veeam – one of the largest privately held software companies in the world – has about $1bn in sales and more than 325,000 customers, and says it adds 50,000 new customers every year.
Company co-founder Ratmir Timashev said, “We have a long-standing relationship with Jeff Horing and Michael Triplett from Insight Venture Partners, having worked with them since 2002 when Insight invested in our first company, Aelita Software.
“Back then we relied on Insight to provide strategic counsel and support, and after we sold that company to Quest Software in 2004, we continued our relationship.”
“Today, Veeam is leading the data management space, with more than 325,000 customers, 60,000 partners, 82 per cent of the Fortune 500 relying on our solutions.
“…with Insight and CPPIB’s investment I know we will take this to the next level.”
Insight managing director Triplett added, “Over the past decade, Veeam has established itself as the premier vendor for on-premises backup and recovery software, and is now number one in the market for providing data management for public and private cloud environments.
“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.
“Veeam has unparalleled leadership in terms of technology, vision and go-to-market strategies, which we believe will only further extend its number one market position. Insight is thrilled to continue this journey with Veeam’s management.”
Insight brought its total committed capital to more than $23bn last summer through the $6.3bn final close of Fund X.
The oversubscribed vehicle is slated for investments in the growth-stage software, software-enabled services, and internet business sectors.
Insight pulled in significantly more this time around than the $3.29bn it raised for its predecessor vehicle, and also trumped the latest fund’s widely reported $5.5bn target.
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