Veeam was acquired earlier this year by private equity firm Insight Partners in a $US5 billion transaction.
Looking ahead, Veeam CEO Bill Largent estimates the chance of an IPO in two to five years time at around 60%. "That may be the place for us to do things," he told iTWire.
The main barrier to a trade sale is Veeam's size. It booked $US1.06 billion in revenue in 2019, and there's no indication that its 12-year growth run is about to end: it reported an annual recurring revenue increase of 21% year-on-year for 1Q20.
Consequently, there aren't many companies that could absorb Veeam.
Growth in the ANZ market is more subdued. "We started early in Australia and New Zealand" in 2008-2009, Largent observed. The ANZ business saw 13% growth in 1Q20 and anticipates reporting significantly higher growth in 2Q20. Understandably, there is more growth here in the newer cloud-oriented products than in Veeam's traditional products.
Largent and his team are taking steps to further establish Veeam in the enterprise market.
One of the challenges, he told iTWire, is that its products are still seen in the light of its history of serving SME and midmarket customers.
Veeam Availability Suite v10 and now v11 address the needs of large organisations, but the company needs to improve its messaging to such companies, Largent said.
The company is also investing in further improvements in customer support in order to provide dedicated service to large organisations. The support operation in Sydney is important, as it means customers are less likely to be handed off between teams in other locations.
On the product side, Veeam's expansion into cloud data management is paying off, and Largent raised the possibility of acquisitions to fill gaps in its enterprise portfolio.
And while Veeam's physical and virtual backup and protection products have been focussed on Windows, the enterprise market wants broader support – notably for Linux. "We're moving in that direction," said Largent.