Veeam notched up 21 per cent subscription revenue growth y/y in the third quarter, driving customer count past 400,000.
The data protection software vendor reported 375,000 customers in October 2019, so the latest figures indicate a monthly net customer gain of at least 2,000 per month since then. Veeam measures subscription growth by its annual recurring revenue (ARR) number.
Privately-held Veeam is not obliged to report earnings figures, but is happy to release smoke signals instead. To whit, CEO Bill Largent boasted in a statement today: “Our last quarter was very strong, and we’re looking forward to a great finish in 2020 as we continue to roll out new solutions that serve the complex needs of our customers.”
Veeam cites a 1H 2020 IDC Semi-Annual Software Tracker for Data Replication & Protection report, that ranks it first in EMEA market share by revenue. Veeam experienced the fastest revenue growth year-over-year in 1H20, among the top five vendors, other vendors, and overall market average, according to the tech analyst firm.
Veeam said its fastest growing product is Veeam Backup for Microsoft Office 365, which recorded 85 per cent Y/Y growth. And it claims it continues to win share in the core data centre backup and recovery market.
Furthermore, the company points to a renewed focus on container backup with last month’s acquisition of Kasten. Veeam is integrating Kasten into its core cloud data management and protection platform. Veeam’s Act 1 was about virtualized servers, Largent said, while Act II focuses on cloud and containers.
The stage is set for a war of attrition as well-funded suppliers duke it out for cloud backup supremacy.
