Feeds

Veeam chases $1bn revenue dream as VC joins board

Privately held backup biz boasts of boosted bookings

Top 5 reasons to deploy VMware with Tegile

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.

Intelligent flash storage arrays

More from The Register

next story
BOFH: WHERE did this 'fax-enabled' printer UPGRADE come from?
Don't worry about that cable, it's part of the config
Azure TITSUP caused by INFINITE LOOP
Fat fingered geo-block kept Aussies in the dark
Yahoo! blames! MONSTER! email! OUTAGE! on! CUT! CABLE! bungle!
Weekend woe for BT as telco struggles to restore service
You think the CLOUD's insecure? It's BETTER than UK.GOV's DATA CENTRES
We don't even know where some of them ARE – Maude
Want to STUFF Facebook with blatant ADVERTISING? Fine! But you must PAY
Pony up or push off, Zuck tells social marketeers
Oi, Europe! Tell US feds to GTFO of our servers, say Microsoft and pals
By writing a really angry letter about how it's harming our cloud business, ta
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.