Veeam breaks into $1bn revenue fold

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Ratmir Timashev, co-founder and executive VP of sales and marketing at Veeam.
Ratmir Timashev, co-founder and executive VP of sales and marketing at Veeam.

Veeam Software is now a $1 billion revenue firm, joining an elite group of software companies to achieve this milestone, according to co-founder and executive VP of sales and marketing, Ratmir Timashev.

Timashev made the comments to mark the start of this year's VeeamON conference in Miami, Florida, revealing to the audience that as of 15 May, the company had achieved $1 billion in revenue bookings.

"If you look at the last 12 months, our bookings reached $1 billion. I remember we predicted Veeam will be a billion-dollar company in 2013, when we were still a $150 million company."

While it initially planned to achieve its billion-dollar feat in five years, it took Veeam just over five-and-a-half years to achieve its goal, said Timashev. "We are very proud...it's only an elite group of pure software companies that achieve $1 billion in revenue."

Founded in 2006, Veeam develops backup, disaster recovery and virtualisation management software. The company focuses on products that increase the resistance of virtualised workloads, reduce downtime, and ensure the system availability required by service-level agreements.

Over the years, the company has seen a steady growth trajectory, marked by consecutive quarters of "double-digit growth".

According to Timashev, on the journey to a billion dollars, the company saw its customer-base grow to 350 000. "We are still adding an average of 4 000 new customers every month, which amounts to about 50 000 yearly. We are very proud of that number."

Commenting on the company's next phase of growth, he said it will come from hybrid cloud. "We believe the opportunities are big... data management and data protection in hybrid cloud is the biggest opportunity for the next decade.

"Our vision is to be the most trusted provider of backup. We want to focus on backup solutions that enable cloud data management. We want to overall provide data management; however, we believe it all starts with backup in a broad sense," Timashev added.

Speaking to ITWeb on the sidelines of VeeamON, Ken Ringdahl, vice-president for Veeam's global alliances architecture, indicated the billion dollars is quite substantial in that it is pure software revenue. "We have very little professional services. The majority of that revenue is new licences and then the remaining part of it is maintenance revenue. A very small piece of the revenue is services.

"What has led to the growth acceleration is consistency; growing at 25% to 30% every year. We've got a really strong product and keep products very simple and straightforward."

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