I just left Veeam's analyst summit (in Napa, which is fantastic). Normally I don’t do analyst days (as we have legitimately smart analysts who do them), but I wanted to know more about this company who successfully latched on to the virtualization movement and never let go. Plus, did I mention it was in Napa?
Suffice it to say that Veeam is one of those "once in 25 years" success stories. They use their own money, grow at an insane pace, print cash, and have become the envy of not only the “availability” world, but anyone in this generation of tech.
And they do everything “wrong”. They are truly a distributed organization — Russia; Switzerland; and Columbus, Ohio. Yes, Columbus Ohio. Their founder and CEO (until today), Ratmir, is impossible not to like. They took on what is perhaps the most entrenched sector in all of IT (data protection), and dominated against all odds. They don’t have to answer to anyone — because they use their own money. They don’t have to rush to go public, for the same reason. They can afford to do things right.
Until yesterday, they never talked about “roadmaps”. They just executed. I spent some time with a few customers, who tell tales of managing 5000 VM’s with ¼ of a person since they went to Veeam. They rave about the fact that Veeam is a company that legitimately cares about their customers' success.
It’s truly refreshing.
What company reached $1b in revenue without raising capital? I can’t think of any. There may be one or two, but they are the true unicorns.
I can’t let on what I learned as far as the Veeam roadmap, but it’s smart. As successful as they have become (more than 200,000 customers), they are not sitting still. They are acquiring new customers at a torrid pace (most are new quarter over quarter). Why does that matter? Because the “established” players leverage existing customers with support contracts — it ends up being the biggest part of their businesses — but net new customers are brutally hard to get.
Veeam has been dominant in the mid-market, but have set their sights upstream to the enterprise. It’s a different world at the enterprise, but they know it. They realize they will have to act, talk, and go to market differently, and are positioning themselves accordingly. It remains to be seen if they can successfully make that transition, but I’d put my money on them.