Veeam Software, a provider of backup solutions, has received $500 million investment from Insight Venture Partners with participation from strategic investor Canada Pension Plan Investment Board (CPPIB).
Veeam aims to become the No.1 provider of Data Management solutions for the public and private cloud.
Veeam will leverage Insight Venture Partners’ internal business strategy arm, Insight Onsite, and capital to accelerate its expansion through both organic growth and M&A activities.
Veeam is one of the largest private software companies in the world with approximately $1 billion in sales. Veeam has more than 325,000 customers, adding 50,000 new customers every year.
Ratmir Timashev, co-founder at Veeam, said: “Veeam is leading the data management space, with more than 325,000 customers, 60,000 partners, 82 percent of the Fortune 500 relying on our solutions.”