Forbes: Russian founders of IT firm Veeam become dollar billionaires

MOSCOW, Jan 10 (PRIME) -- Russia has produced two new U.S. dollar billionaires, founders of IT company Veeam Software Ratmir Timashev and Andrei Baronov after the sale of their firm to U.S. fund Insight Partners, Forbes reported on Friday.

Insight Partners acquired the Switzerland-domiciled developer of solutions for data backup and data management in the Veeam cloud for U.S. $5 billion. Veeam was set up in 2006 by the Russian businessmen.

The deal is expected to be completed in January–March. Under the agreement, Veeam will become a U.S. company with an office in the U.S. As the deal closed, Timashev and Baronov will quit Veeam’s board of directors.

According to Forbes, Timashev and Baronov have been on the list of 200 richest Russians since 2017, and their fortune was valued at $950 million each. Thanks to the deal, they are now dollar billionaires.

End