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Integrated backup appliance vendor Unitrends has new ownership while management remains the same and vows to move deeper into cloud-based data protection.
Insight Venture Partners completed a majority investment in Unitrends this week, giving it control of the data protection startup. Insight general partner Mike Triplett said Unitrends’ management team was one of the things he likes about the company. He said Insight will keep Unitrends CEO Mike Coney and his management team while Triplett and Richard Wells of Insight join the Unitrends board.
“There are three things we like about Unitrends,” Triplett said. “We like that it’s in a large and growing market segment, we like the management team, and the product is head and shoulders above the competition.”
Triplett likes the market so much that he also sits on the board of virtual machine backup software specialist Veeam Software and Acronis – two other Insight investments. He said he’s not concerned about being involved with companies that compete with each other because there is plenty of backup to go around.
“The market is big enough that everyone can prosper and do well,” he said.
Coney became Unitrends CEO in 2009 after working for Acronis and Veritas (now part of Symantec). He said Unitrends has about 260 employees and he expects to go grow substantially with the Insight investment. Although it does not disclose revenue and income figures, Unitrends claims it has grown revenue in 19 straight quarters and its year-over-year bookings increased 72% last quarter.
Coney said the vendor will continue to build on its integrated appliance platform, but “the biggest roadmap area of us is the cloud and DR as a service.” He said those plans include selling to managed service providers, offering its appliance customers options for replicating to the cloud for DR, and connecting to public clouds such as Amazon and Microsoft Azure.
He said Unitrends will maintain its focus on the mid-market – companies with from 50 to 1,000 customers.