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Veeam Hits $1 Billion Mark

Veeam, a provider of backup and availability software for cloud data management, revealed a significant financial milestone this week during its annual VeeamON conference in Miami.

"We achieved $1 billion in revenue bookings," said Ratmir Timashev, co-founder and executive vice president for sales and marketing. Timashev said the figure was based on revenues for the trailing 12 months.

Veeam is unusual among private software companies in that it regularly and publicly shares financial performance data via press release. It's not the kind of comprehensive disclosure you'd see from a public company with net income, revenues and business unit results, but it's still a remarkable degree of transparency.

The revenue marker Timashev revealed this week trails slightly -- but only slightly -- behind his prediction in 2013 that the company would reach $1 billion in five years.

"We can blame [that] a little bit on subscription rights," Timashev said, referring to the shift in revenue models and the marketwide way in which businesses are buying software on a monthly basis rather than paying for licenses upfront.

Veeam also said this week it had 350,000 customers and was adding 4,000 net new customers per month and 50,000 per year.

Posted by Scott Bekker on 05/22/2019 at 9:52 AM


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