When Veeam was founded 18 years ago, there wasn’t much competition in the data resilience sector, but the company now operates in a relatively crowded market, especially with the rise of both cloud and AI.

There are numerous other companies looking to help enterprises manage their data and keep it secure: Rubrik, for one, hit the public market with a $5.6 billion valuation earlier this year, and we also have late-stage startups like Cohesity (raised nearly $1 billion in venture capital) and Druva (raised more than $475 million).

“Competition is actually a good thing,” Eswaran said. “It pushes the industry and all of us to innovate faster.”