NEWS
Insight Venture Partners invests US$500 million In Veeam
V
eeam Software, the leader in
backup solutions that enable
intelligent data management, has
announced that Insight Venture
Partners has invested US$500
million with strong participation from
strategic investor Canada Pension
Plan Investment Board (CPPIB) to
accelerate the next phase of Veeam’s 325,000 customers, adding 50,000
new customers every year. Veeam
has been growing organically over the
last 12 years in a rapidly expanding
cloud data management market
that enterprises annually spend an
estimated US$30 billion to address.
Testament to this growth,
Veeam touches more production
growth as the number one provider
of data management solutions for the
public and private cloud.
Veeam will leverage Insight Venture
Partners’ internal business strategy
arm, Insight Onsite, and capital to
accelerate its expansion through both
organic growth and M&A activities.
Veeam is one of the largest
privately held software companies in
the world, with approximately
US$1 billion in sales and more than environment workloads than any
other systems management company
in the market.
“We have a long-standing
relationship with Jeff Horing and
Michael Triplett from Insight Venture
Partners, having worked with them
since 2002 when Insight invested in
our first company, Aelita Software,”
said Ratmir Timashev, Co-Founder and
Executive Vice President (EVP), Sales
and Marketing, at Veeam.
Ratmir Timashev, Co-
Founder and Executive
Vice President (EVP), Sales
and Marketing, at Veeam
Alawwal Bank offers Artificial Intelligence training for all staff
A
lawwal Bank, which is based in
the Kingdom of Saudi Arabia, has
partnered with leading global tech firm,
Reaktor, to train its entire workforce on the
potential uses of Artificial Intelligence (AI)
in banking.
Through the AI training, Alawwal Bank
hopes to lead the Kingdom’s financial
services industry in adopting a technology
estimated to contribute US$135 billion
(12.4%) to Saudi GDP by 2030.
Staff at Alawwal Bank will have access
to an online course as well as several
workshops developed and led by experts
from Reaktor and Helsinki University. The
aim of the training is to provide an overview
of the key elements of AI for employees
without a professional digital background.
Soren Nikolajsen, Managing Director,
Alawwal Bank, said: “The best Digital
Transformation strategies start with people
– not technology. Innovation will come
6
much easier to an organisation whose staff
share a common understanding of how
technologies work. As few industries handle
more data than banks, the opportunities for
AI in banking are almost endless. Instead of a
few people in our digital or IT teams looking
for opportunities to improve our business,
with AI we can have an entire workforce
doing this – that’s going to give us a huge
competitive advantage.”
As well as the managing director
taking the course himself, staff across
all departments of the bank are being
encouraged to take the course.