Virtualisation vendor Veeam has swapped a minority share in the firm for a wad of VC cash as it eyes fast growth in the coming years.
Insight Venture Partners has invested an undisclosed sum into the firm and its managing director Michael Triplett will join Veeam's board of directors.
"Veeam's growth trajectory really garnered our attention," he said. "We're looking forward to helping Veeam scale and expand globally to achieve prominent goals in both market share and revenue."
In its second quarter, Veeam's total bookings revenues doubled compared to last year, driven by a 96 per cent hike in its new licence bookings sales figure. Veeam claims Q2 was the strongest quarter in its history.
As part of its growth plans, Veeam has appointed former Salesforce man Peter Ruchatz as its chief marketing officer, in what it claims is a "much-needed appointment".
Ruchatz held the role of vice president for marketing at the CRM vendor before taking the Veeam job, and previously spent seven years at Microsoft in various marketing roles across Europe and North America.
Veeam's chief executive Ratmir Timashev said the appointment of Ruchatz forms part of his firm's future growth mission.
"The combined growth of our customers, partners and employees has made the addition of Peter Ruchatz as chief marketing officer a much-needed appointment," he said. "His proven record in developing successful global technology product marketing and branding programmes that scale will be an invaluable asset as we continue to gain worldwide market share in modern data protection."
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