Cloud data management vendor Veeam has reported a big increase in recurring revenue through its tens of thousands of channel partners for the second quarter. Private equity-owned Veeam says it saw an annual recurring revenue (ARR) increase of 20% year-over-year for the quarter ended June.
The $1.1bn annual turnover firm also said it achieved its largest ever quarter for total bookings of its fastest growing product. It said Veeam Backup for Microsoft Office 365 enjoyed a 75% YoY gain in subscription bookings. Currently, half of the firm's overall sales are generated in Europe. “As employees are transitioning to the new ‘work from home’ environment, data protection and availability are now more important than ever,” said Bill Largent (pictured), 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 organisation – their data.”
On the performance of the company this year, Largent last month told IT Europa that sales could be affected overall by the pandemic when it came to the annual results. But he maintained Veeam was still targeting record revenue for the calendar year of $1.2bn when it came to contract value.
At the time, Largent said that in both quarter one (up to March) and in quarter two there had been no downturn in business, and that the switch to remote working across the company to support partners and customers had been an “easy migration”.
Daniel Fried, general manager and senior vice president for EMEA and worldwide channels at Veeam, said of the latest results: “Working with our channel ecosystem is key to our success and our partnerships are critical as we continue to support businesses looking to transform digitally.”
The company was acquired earlier this year by Insight Partners at a valuation of around $5bn.