Veeam to 'become US company' following $5bn acquisition

Vendor snapped up by private equity

Veeam has been acquired by private equity firm Insight Partners for around $5bn (£3.8bn), in a move which will see the vendor "become a US company".

Veeam's management has also been overhauled, with co-founders Andrei Baronov, who is also CEO; and Ratmir Timashev leaving the firm.

Executive vice president of operations William Largent will step up to the chief executive role, creating a "US-based management team".

"Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the US market," the new boss said.

"With the acquisition, we are excited that our current US workforce of more than 1,200 will be expanded and strengthened to acquire and support more customers."

Switzerland-based Veeam was founded by Baronov and Timashev after the pair sold their previous company, Aelita Software, to Quest for around $115m. New Veeam CEO Largent had been COO at Aelita.

Insight managing director Mike Triplett, who is now a Veeam board member, said: "Veeam's strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make it one of the most exciting software companies in the world today.

"We are committed to supporting Veeam's next phase of leadership and growth in the US, continued market-share leadership position in EMEA and continued global expansion."

Veeam says it has offices in 30 countries, with customers in over 160 countries.

The acquisition is expected to close in the first quarter of this year.