Data management company Veeam Software raised $500 million in venture funding on Wednesday and signalled plans to bulk up with acquisitions this year.
The 12-year-old company, which is based in Switzerland, raised the money from Insight Venture Partners, with “strong participation from” the Canada Pension Plan Investment Board. Veeam did not disclose the company’s valuation in the latest round of funding but said the capital will be used for product development, global expansion and M&A activity.
“We’re looking at a few opportunities so might have one [acquisition] this year in 2019 and are evaluating different companies,” Ratmir Timashev, Co-Founder and Executive Vice President of Veeam told Business Insider.
The next two to three years are going to be packed with major potential for Veeam, Timashev said. He predicts that the coming years will determine who will be the leader in cloud.
Veeam generates about $1 billion in annual revenue and has over 320,000 customers, according to the company. Timashev says that it has had 40 quarters in the last 10 years with double digit growth, and out of those, 30 were profitable.
“We’ve seen this company perform exceptionally well,” Michael Triplett, managing director at Insight Venture Partners, told Business Insider. “It’s very rare within a ten year time frame for a company to go from 0 to 1 billion in sales. We made this further investment because we see Veeam continue to be the number one software vendor in its market segment.”
