Veeam Software announced an annual recurring revenue (ARR) increase of 20 percent year-over-year (YoY) for Q2’20 – the biggest second quarter in the company’s 14-year history. In addition, Veeam reported its largest ever quarter for total bookings of its fastest growing product, Veeam Backup for Microsoft Office 365, with an 89 percent YoY increase and a 75 percent YoY gain in overall subscription bookings. As further testament to Veeam’s continued performance, Gartner recently published its 2019 Market Share: All Software Markets, Worldwide research, and with sustained multiyear revenue gains, Veeam has increased in market share to become the third largest provider of backup and recovery software.
“As employees are transitioning to the new ‘work from home’ environment, data protection and availability are now more important than ever,” said Bill Largent, CEO at Veeam. “Just as employers must protect the health, safety and welfare of their employees, they must also have solid business continuity plans in place and protect the most important asset of their organization – their data. During Q2’20, Veeam continued to accelerate its business and growth trajectory with our broad ecosystem of partners, and we have maintained a customer-first ethos. Our innovation, combined with our company momentum, will make 2020 a historic and significant year for Veeam and our partners.”
A major highlight of Q2 was VeeamON 2020, the world’s premier online Data Management event. Initially planned as a physical event in Las Vegas, it transitioned to a two-day online event due to the current pandemic. With close to 30,000 registrants from 148 countries, Veeam delivered a true interactive digital experience for partners and customers with more than 40 breakout sessions, product demos and advanced configurations of Veeam products, and keynotes from Veeam executives and industry speakers from IBM, Microsoft, NetApp, VMware, Pure Storage and IDC. In addition to unveiling Veeam Availability Orchestrator (VAO) v3, Veeam provided a unique preview of what the company is planning for upcoming product releases, including the first sneak-peek of Veeam Availability Suite v11, as well as Veeam Backup for Microsoft Office 365 v5.
“Veeam kicked off 2020 with news of our acquisition by Insight Partners at a valuation of approximately $5 billion, followed by our biggest product launch ever – Veeam Availability Suite (VAS) v10, the industry’s most robust solution for complete data management and protection for hybrid-cloud environments. Both announcements were major game-changing milestones for Veeam and the tech industry,” said Danny Allan, CTO and Senior Vice President of Product Strategy at Veeam. “With a half-dozen product releases in 2020 already, we’re planning about a dozen total, including Veeam Backup for Microsoft Office 365 v5 later this year. The demand for Veeam Backup for Microsoft Office 365 has exploded due in part to the new work from home environment, fueling the best quarter to date for that product. Our recent and upcoming product releases provide significant benefits to our customers, further differentiate us from the competition, and provide a strong path forward for growth.”
“We have demonstrated strong regional growth, taking market share and driving high double-digit YoY growth in subscription and new bookings. We have also added many more customers, joining strong brands such as Fuji Electric in Japan, Trust Power in New Zealand, and Hero MotoCorp in India. As a 100% channel company, we have adapted well, showing Veeam’s GTM resonates well with current conditions. We continue to focus and invest in our relationships with existing and potential partners, which has been well received and backed with strong results. This investment has seen an accelerated uptake of more than 3,200 certifications issued in Q2,” said Shaun McLagan, Senior Vice President, Asia Pacific and Japan at Veeam. “Looking ahead, as we continue to navigate a shifting global environment, Veeam’s priorities remain clear, centered around our customers, partners, and employees. We continue to execute well on our plan for explosive growth in APJ, and we are backing that up with hiring across all functions to support our customers and partners. New hires include Beni Sia, Vice President for South East Asia and Korea and Habisanti, Country Manager for Indonesia, who bring considerable experience and track record, which will be instrumental in accelerating our growth trajectory.”