Veeam Software speeds towards $1bn revenue target

Veeam Software is speeding towards its $1bn revenue target, spurred by another period of record trading, notching up $827m in total bookings revenue in 2017, an increase of 36% year-over-year for the provider of availability solutions for virtual, cloud and physical workloads.

"Organisations across the globe are dealing with massive data sprawl, and the need to ensure availability of data and applications across a complex multi-cloud environment has never been greater," said Peter McKay, co-CEO and President of Veeam.

"We continued success in the mid-market while also expanding into the enterprise, which is a key focus for us moving forward.

"Our momentum in delivering availability for any app, any data, across any cloud has us well poised to be a billion-dollar software company by the end of 2018."

Veeam reported 62% growth in enterprise deals and 500% annual growth for deals over $1m.

Its installed base grew to 282,000 customers, and more than $100m (or 19%) of total bookings revenue driven through alliance partnerships.

Sales of Veeam Availability Suite grew by 48 percent in 2017.

"In what has been my first full fiscal year at the company, we've made many bold moves in terms of market focus, partnerships and organisational structure, and they have paid off across the board," added McKay.

"To succeed, you need to be willing to take risks and make key decisions. During 2017, and specifically Q4, we executed on our plans to scale to a $1bn company by the end of 2018."