Software investor firm Insight Partners has entered into a definitive agreement to acquire cloud data management firm Veeam Software in a transaction valued at $5bn.
Under the ownership of Insight Partners, Veeam will become a U.S. company, with a U.S.-based leadership team, while continuing its global expansion from offices in 30 countries and with customers in over 160 countries.
The acquisition, which is expected to close during the first quarter of 2020, will enable Veeam to expand into new markets and continue its growth trajectory, according to the company.
As part of the acquisition, William H. Largent has been promoted to Chief Executive Officer of Veeam Software – he previously held the role of Executive Vice President, Operations – and Danny Allan has been promoted to Chief Technology Officer (CTO).
“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market,” said William H. Largent, CEO at Veeam. read the rest here