Veeam® Software Acquires Coveware: Enhancing Cyber Resilience Solutions

Veeam® Software, a global leader in Data Protection and Ransomware Recovery, has announced the acquisition of Coveware, a prominent provider in cyber-extortion incident response. This strategic move aims to bolster Veeam’s radical resilience solutions by integrating best-in-class ransomware recovery and first responder capabilities.

Under the new entity, Coveware by Veeam will maintain its operations, offering incident response services to cyber extortion victims while collaborating with enterprise clients on incident response preparedness. Since its establishment in 2018, Coveware has assisted numerous cyber extortion victims and developed cutting-edge software and services for rapid forensic triage, extortion negotiation, cryptocurrency settlements, and decryption services, all aimed at facilitating data recovery from ransomware attacks.

The acquisition equips Veeam with invaluable insights into threat actor patterns and the current threat landscape, garnered through Coveware’s extensive experience. These insights are instrumental in educating customers, mitigating risks, fortifying security posture, and ensuring swift recovery from cyber incidents.

Anand Eswaran, CEO at Veeam, emphasized the criticality of addressing cyber threats in today’s landscape, highlighting the necessity of safeguarding data and enabling quick recovery in the event of an attack. The integration of Coveware’s capabilities with Veeam’s data protection and ransomware recovery solutions, used by over 450,000 customers, creates a comprehensive set of cyber resilience capabilities, providing proactive threat intelligence, forensic triage, and decryption capabilities from a single source.

Coveware by Veeam will continue to offer its full suite of services, including:

• Fully automated technology for forensic triage analysis and encrypted data recovery.
• A global team of cyber threat experts providing incident response services.
• Access to updated data on ransomware variants, attack vectors, and recovery options.

Bill Siegel, CEO and co-founder at Coveware by Veeam, emphasized the mission to minimize disruption costs by providing top-notch incident response tools and services. He highlighted the benefits of Coveware’s threat intelligence for proactive enterprise clients, including many Fortune 500 companies.

Alex Holdtman, CTO and co-founder of Coveware by Veeam, expressed excitement about the opportunity to distribute capabilities to a wider customer base globally.

Veeam plans to integrate Coveware technology into the Veeam Data Platform and the Veeam Cyber Secure Program, offering customers comprehensive cyber protection and support. Phil Goodwin, Research Vice President at IDC, lauded the acquisition, noting its potential to address gaps in data backups and accelerate malware detection and recovery, ultimately minimizing the impact of cyber attacks.