Veeam, the backup software vendor, has announced a blow-out first 2020 quarter, with customer count passing 375,000 and annual recurring revenue (ARR) growing 21 per cent.
Veeam CEO Bill Largent said in a statement today: “The first few months of the year have been unusual to say the least for all of us. We are having to conduct business in a different way, ensuring that the Veeam community – employees, partners and customers – stay safe during this period. I’m very proud of our 4,300 employees as we have continued to grow during this challenging time while not missing a beat on customer support.”
Veeam reports 97 per cent year-on-year (Y/Y) growth in Veeam Universal License subscriptions. And it pointed to the IDC Semi-Annual Software Tracker, 2019H2, which records the fastest Y/Y revenue growth for Veeam – at 20.5 per cent – among the top five data protection vendors.
This matches the company’s performance in the previous edition of the IDC tracker, when it had 22.4 per cent Y/Y growth for the first half of 2019 and estimated revenues of $427m. The company said in May 2019 that it had hit a billion dollar revenue run rate.
Veeam was bought by the private equity firm Insight Partners for about $5bn earlier this year.