Kirkland-based cybersecurity company Veeam has acquired Coveware, a ransomware recovery company headquartered in Norwalk, Connecticut.
A Veeam spokesperson said all Coveware employees are joining Veeam, which moved its headquarters from Columbus, Ohio, to Kirkland during the first quarter, and Veeam is gaining more than 30 employees through the acquisition. The spokesperson added Veeam has more than 5,000 employees globally.
The companies aren't disclosing the financial terms of the deal, which Veeam announced on April 23.
"It’s critical to ensure data is safe and protected, and when the worst happens businesses can recover quickly and safely," Veeam CEO Anand Eswaran said in a news release. "Coveware is already helping enterprises across the world improve their defense and if the worst happens, helping them recover."
Veeam is now calling its subsidiary Coveware by Veeam. The spokesperson said Coveware will operate as its own division of Veeam.
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Coveware, founded in 2018, helps clients navigate ransomware attacks, or when attackers gain access to data and extort victims for money before releasing the data. The company helps clients identify ransomware attacks, conduct secure negotiations and handle settlement.
Veeam, meanwhile, was founded in 2006. The company focuses on data protection and data recovery. Veeam also helps with data backup processes. Private equity firm Insight Partners acquired Veeam in 2020 for $5 billion. According to Veeam, the company has more than 450,000 customers, including Siemens and the Navy.
Veeam's new headquarters are at Carillon Point in Kirkland, where the company has one full floor, or about 17,000 square feet. The company has about 50 employees based in the Seattle area. In addition to Kirkland and Columbus, Veeam has offices in Atlanta and Phoenix.
Eswaran took over the CEO role at Veeam in 2021. He spent two years as president and chief operating officer at RingCentral before that, and he spent four years at Microsoft before RingCentral.
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