The News: Veeam held its 2023 Analyst Summit November 13-15 in its new Kirkland, Washington, headquarters. With spectacular views of Lake Washington, Veeam gathered industry analysts from major firms to discuss successes, plans for the near-term future, and strategy.
Veeam Analyst Summit 2023 Highlights
Analyst Take: The Veeam 2023 Analyst Summit served as both a status update for analysts and an explanation of the company’s strategy with non-disclosure information about its upcoming product releases. Senior executives including CEO Anand Eswaran and his staff were very open with fielding questions as they presented confidential information regarding their company. Highlights that were disclosed and can be commented upon include:
- Status of the business:
- Revenue has reached $1.5 billion annual recurring revenue (ARR) with 50% net growth
- There are now 450,000 customers
- Anand commented that the company is “very profitable”
- Growth areas – Several areas for growth were described with potential gains:
- While already a leader in the number of Microsoft 365 customers protected, the available market is massive, representing a great opportunity for Veeam with Cirrus by Veeam backup as a service offering
- Expanding the workloads (applications) protected both in the public cloud with Veeam backup as a service and on-premises with Veeam backup and recovery represent opportunities that will continue to grow
- Protecting container environments with Veeam Kasten is a growth area with new opportunities, not displacing incumbents
- Expanding the number of enterprise customers
- Moving to the next level of partnerships with:
- Global Systems Integrators
- Hyperscalers
- Major system vendors
- Security company alliances
Much of the strategy details were under NDA but can be summarized as:
- Expanding customer opportunity to get more value from their data that is protected by Veeam
- Continue expanding growth areas as noted above
- Building in more protection into Veeam’s solution
- Resiliency both in continued operation and in cyber resiliency
- Continuous data protection for near lossless recovery and replication
- Security in IT operations including in incident response
- Leveraging AI
- Use within the Veeam software for improvements in a number of areas
- Enable customer use on data within Veeam environment for their benefit
A major announcement was moving the Veeam Data Platform to Linux. The advantages listed were greater integrations for credential authentication, management in a distributed environment, ability to integrate endpoint detection and response, expanded security partnerships, and information for the Veeam Threat Center.
The information shared painted a picture of a very successful company that understands where opportunities are and has a plan to continue to excel. These notes are somewhat limited considering the sensitivity of the information presented but should give an indication of how open and forthright Veeam executives have been.
One note regarding marketing messaging: Veeam will add the term Radical Resilience to its materials. Futurum Group believes this addition is intended to garner attention more from the cloud native application protection area than from existing on-premises IT operations.
Key Takeaways: Veeam Analyst Summit 2023 Highlights
The big takeaway is that Veeam continues to be very successful and has clearly defined opportunities and a strategy to capitalize on them. Success has not led to over-confidence and complacency. It is refreshing to see so many good people working toward the well-defined goals.
Disclosure: The Futurum Group is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.
Analysis and opinions expressed herein are specific to the analyst individually and data and other information that might have been provided for validation, not those of The Futurum Group as a whole.
Other Insights from The Futurum Group:
Veeam Showcases Data Resiliency Developments
Veeam Strengthens Its BUaaS Play with Cirrus
Author Information
Randy has written numerous industry articles and papers as an educator and presenter, and he is the author of two books: Planning a Storage Strategy and Information Archiving – Economics and Compliance. The latter is the first book of its kind to explore information archiving in depth. Randy regularly teaches classes on Information Management technologies in the U.S. and Europe.
