Feeds

Veeam chases $1bn revenue dream as VC joins board

Privately held backup biz boasts of boosted bookings

High performance access to file storage

Veeam is looking more and more like the Data Domain of virtual server backup suppliers, announcing 100 per cent annual growth in second quarter bookings, boasting more than 73,000 customers and securing a new VC partnership to take it to the $1bn annual revenue level.

That would mean, El Reg's storage desk thinks, passing CommVault and becoming the second-largest standalone storage software company after Symantec.

Veeam's second quarter also saw a 96 per cent year-on-year growth in licence bookings revenue and 299 per cent year-on-year growth in its Backup and Replication product for Microsoft's Hyper-V. Altogether the company says it added some 9,300 new customers.

This was the strongest quarter in Veeam's history and has fuelled its CEO's wish for it to achieve a billion dollars in annual revenue. That's behind what Veeam calls a strategic business partnership with Insight Venture Partners, whose MD, Michael Triplett, is joining Veeam's board. Insight has bought itself a minority share in Veeam for an undisclosed sum.

Veeam has also recruited a chief marketing officer; Peter Ruchatz, ex-VP Marketing for the EMEA central region at Salesforce.com.

According to a company statement, Veeam has "increased incentives in its North American ProPartner Program, providing even more margin when Veeam is sold alongside approved VMware and Microsoft products, while growing its worldwide partner base to more than 19,000."

A 50 per cent growth rate in Veeam's annual revenues would enable it to hit its $1bn revenue point in 2016. A 100 per cent revenue growth rate would take it to the magical billion in 2015. ®

Bootnote

As a curiosity, we remember when disk-drive-maker Quantum bought virtual machine backup company Pancetera in June 2011 for $12m, and introduced its vmPRO backup product using the acquired technology. Since then Quantum revenues have declined while Veeam's have soared. With fiscal 2013 revenues of $588m and little to no growth predicted for Quantum in fiscal 2014 it is conceivable that, if Veeam grows at a high rate, it could surpass Quantum's annual revenues in a year or two.

High performance access to file storage

More from The Register

next story
European Court of Justice rips up Data Retention Directive
Rules 'interfering' measure to be 'invalid'
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Cisco reps flog Whiptail's Invicta arrays against EMC and Pure
Storage reseller report reveals who's selling what
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Bored with trading oil and gold? Why not flog some CLOUD servers?
Chicago Mercantile Exchange plans cloud spot exchange
Just what could be inside Dropbox's new 'Home For Life'?
Biz apps, messaging, photos, email, more storage – sorry, did you think there would be cake?
IT bods: How long does it take YOU to train up on new tech?
I'll leave my arrays to do the hard work, if you don't mind
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.