Veeam announced its Q3 earnings and some key new products at its second annual global conference VeeamOn 2015. The three most significant announcements at the conference were that its financial performance remains strong; cloud services represent significant growth opportunities for the company and its partners; and that it now offers protection for Linux workloads deployed either on-premise or in public clouds.
Veeam remains on track to become a $1bn revenue company by 2018
Veeam's Q3 results showed its YoY growth as 17% in dollar terms, or 26% in constant currency. Ovum considers the constant-currency conversion a sensible quoted figure, because 45% of Veeam's business is in EMEA. The other main insight from the Q3 results was that Veeam is beginning to sell more enterprise-class solutions rather than mid-market ones; the Veeam Availability Suite Enterprise Plus Edition recorded 86% YoY growth. In 2014, Veeam report revenues of $329m, with a planned target of $500m for 2015, which the Q3 results show as being on track. Ovum believes that Veeam is well positioned to reach its $1bn revenue target by 2018 because its solutions for the MSP market will enable its partner channel to offer cloud services to customers, thereby enabling Veeam to continue its rapid growth by serving the expanding cloud services sector.
Veeam also announced two new products at the conference, the first of which is aimed at partners and service providers: Veeam Managed Backup Portal for Service Providers. This solution allows for deployment of Veeam Availability Suite on-premise at a customer's site, to be managed through the portal. In addition, if the service provider is using the Veeam Cloud Connect solution, it can back up the customer's data to the Microsoft Azure cloud. The second new product was a free Linux workload-backup capability. This product enables customers to secure Linux workloads running in public cloud environments as well as on-premise. Ovum considers this a sensible addition because Linux servers are complex to back up, and an increasing number of cloud workloads are based on Linux.
Roy Illsley, Principal Analyst, Infrastructure Solutions