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Veeam 2018 Earnings Show Strength of Cloud Backup Trend
Backup of cloud data (as opposed to backup of data to the cloud) is a major trend as more corporate workloads and data move there. Veeam’s 2018 earnings reflect this trend.
On February 13, Veeam reported on 2018 earnings. It was a good year for Veeam with 16% year-over-year growth and 48,000 new customers added. Of particular note was strong growth of its cloud business.
- Cloud has been the fastest growing segment of Veeam’s business for the past two years. The cloud business grew 46% year over year in 2018.
- A year ago Veeam bought N2WS, which does cloud-native backup for AWS. Annual recurring revenues (ARR) for that business grew 83% year over year in 2018.
- Veeam Backup for Microsoft Office 365 is among the fastest growing products in Veeam history with downloads by “more than 55,000 organizations, representing over 7 million user mailboxes.”
Our Take
We call it the cloud pole vault. Companies that have a presence on premises seek to get established in the cloud. So when you build and cross that bridge from on premises to cloud, the familiar vendor is already there to meet you. Veeam’s cloud vault is starting to pay off.
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