Veeam Software has raised 500 million dollars (439 million euros) in investments, please let Techzine know. The financing round is the biggest of a startup since last summer, knows Bloomberg.
Veeam is a party with many investors that has postponed an IPO indefinitely. The financing round “gives us the freedom and flexibility not to go public,” says Ratmir Timashev, co-founder and executive vice president for marketing and sales at the company. “If we want to hire someone, we have enough money. We don’t have to touch our stock.”
The financing round was led by Insight Venture Partners, who invested an unknown amount in Veeam in 2013. The Canada Pension Plan Investment Board, which regularly makes direct investments in private companies, also invested. What the value of Veeam is now, the company did not want to disclose.
The company’s annual turnover is now just under a billion dollars, according to Timashev. That revenue is driven primarily by customers’ eagerness to embrace off-premise cloud-based data storage. For this year, the company expects a cash flow of 300 million U.S. dollars, and a profit of 100 million U.S. dollars after tax.
Investors appear to be very interested in the market for data management. Yesterday it was announced that competitor Rubrik raised 261 million dollars in a Series E investment round. This means that the company is valued at 3.3 billion dollars.
Rubrik Bain Capital Ventures was able to attract new investors in the investment round. There was also a strong participation of existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP. The total capital of the company amounts to over 553 million dollars.
CEO Bipul Sinha states that the new capital will accelerate the introduction of new products in 2019. It should also “solve customer challenges and significantly increase our strategic footprint in the enterprise world”.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.