Veeam’s financial fortunes continue to climb as the backup and recovery software vendor posted its 13th consecutive quarter of double-digit growth, with an annual recurring revenue increase of 25% year over year for the first quarter of 2021.

The vendor views this growth as a testament to the early success of its Veeam Backup & Replication v11 that made its market debut in February. The latest release of the platform boasts more than 200 new features and enhancements to form what the company is calling the most advanced data protection platform for cloud, virtual, physical, and enterprise workloads. 

Veeam specializes in backup and disaster recovery, and its software runs in on-premises data centers and across multiple clouds. After leading the backup and disaster recovery market and carrying the No. 1 spot in Gartner’s Magic Quadrant for four consecutive years, Veeam turned the final page on “Act I” last year and has moved onto “Act II,” which takes place in the hybrid cloud.

With more customers deploying hybrid cloud environments across Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, Veeam’s second act initiates an acceleration toward a more hybrid experience for users that meets the needs of the modern digital business. 

Prior to the v11 launch, the backup and recovery software vendor kicked off the year rounding out its public cloud support with the launch of Veeam Backup Google Cloud Platform (GCP). Extending support to GCP secured the trifecta of major public cloud platforms included within Veeam’s offerings, complementing Veeam Backup solutions for AWS and Microsoft Azure.

The vendor says it brings in about $1 billion in sales per year and has more than 325,000 customers, adding 50,000 new customers every year. It also touts that 81% of the Fortune 500 use its software.

To sweeten that success, during the second half of 2020, the vendor moved into the No. 2 position for market share worldwide for the first time in the history of the company, coming in behind Dell Technologies. 

According to IDC’s Semiannual Software Tracker, Veeam saw the fastest revenue growth across the worldwide data replication and protection market, both sequentially (+21.5%) and year over year (+17.9%) in the second half of 2020 among the top 5 vendors, – Dell Technologies, Veritas, IBM, and Commvault, respectively, – all other vendors combined, and overall market average.