Insight Partners Buys Swiss Cloud Firm in $5 Billion Deal

(Bloomberg) -- Insight Partners agreed to buy cloud data management company Veeam Software in a deal that values the Swiss firm at about $5 billion.

The deal, expected to close in the first quarter, will let Veeam accelerate its expansion into new geographies, the New York-based venture capital firm said in a statement on Thursday.

Deals in the cloud computing industry have been on the rise. In November, Google announced plans to buy enterprise software company CloudSimple Inc., to join Google Cloud -- a priority business for the Alphabet Inc. unit. Datadog Inc. raised $648 million in its September initial public offering and Germany’s TeamViewer AG completed an IPO raising about 2 billion euros ($2.2 billion) that same month.

William Largent, previously Veeam’s executive vice president, has been promoted to chief executive officer, Insight said in the statement. Danny Allen will be promoted to chief technology officer. Former CEO Andrei Baronov along with his co-founder Ratmir Timashev will step down from the board.

Insight led a $500 million financing round into the company in January last year along with Canada Pension Plan Investment Board.

Founded in 2006, Baar, Switzerland-based Veeam started by simplifying backups for virtual machines, according to its website. In addition to backups, Veeam also helps customers manage, monitor and run analytics on software and data that they’re storing in the cloud.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley advised Insight Partners.

(Updates with background on other cloud deals in third paragraph.)

To contact the reporter on this story: Sarah Syed in London at ssyed35@bloomberg.net

To contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Amy Thomson, Nate Lanxon

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