Veeam Software Files IPO Prospectus, Highlighting Strategic Focus on Healthcare Digital Transformation and Data Protection
The healthcare industry has entered a critical phase of digital transformation.
In this context, data has not only become a critical factor of production but also a fundamental strategic resource for the nation. Its value continues to rise in tandem with its growing importance. It is estimated that the big data industry has achieved a compound annual growth rate (CAGR) of over 30%, surpassing RMB 1 trillion in 2020.
The application scope of big data is continuously expanding, and the industrial scale is steadily growing.
Today, the policy framework is gradually improving alongside industry development. During the 13th Five-Year Plan period, the CPC Central Committee and the State Council made a series of strategic deployments focusing on the digital economy, data factor markets, and the national integrated big data center layout. Relevant ministries and commissions issued more than 20 policy documents on big data, while local governments introduced over 300 related policies.
After more than two decades of unchecked growth, medical IT has driven the digital transformation of hospitals but also left behind many entrenched problems. China’s healthcare industry still faces issues such as poor implementation of classified protection requirements, high overall security risks, and relatively backward security protection capabilities for medical information systems.
The “14th Five-Year Plan for the Development of the Big Data Industry,” released in November this year, states that it is necessary to strengthen “high-quality” data governance. By focusing on the entire data lifecycle and employing methods such as quality monitoring, diagnostic assessment, cleaning and remediation, and data maintenance, the plan aims to improve data quality and ensure that data is both usable and user-friendly.
Emergency configuration mechanisms, such as those for data risk prevention, are on the verge of being introduced.
Veeam Software (hereinafter referred to as “Veeam”) is a company that has made significant and in-depth strides in the field of data risk prevention.
Since its inception in 2006, Veeam Software has been dedicated to simplifying virtual machine backup. With fast and reliable data recovery solutions tailored for virtual environments, the company quickly captured the market.
Since the launch of its first product in 2007, Weimeng Software has remained profitable. In 2019, the company’s total order value exceeded $1.06 billion.
Today, its business scope has expanded to areas such as backup, recovery, and data management for modern data protection, providing data security safeguards to over 400,000 customers worldwide., including 82% of Fortune 500 companies and 69% of the Global 2000 companies, such as Lenovo, Google, Microsoft, and IBM.
The reason why it has gained the favor of many enterprises is, on one hand, due to the technical reliability of Weimeng Software. On the other hand, it stems from the three major characteristics of Weimeng Software.
Zhang Hong, General Manager of Weimeng Software in China, told VCBeat:“WeiMeng Software boasts three core attributes: simplicity, reliability, and flexibility. First, our software is extremely user-friendly, requiring only a few keystrokes to complete operations. Second, the key to WeiMeng Software’s repeated preference among enterprises and its continuous revenue growth lies in its reliability. Finally, we offer great flexibility, both in our pricing models for overall business operations and in the support we provide to users. We not only supply partners with diverse strategies but also tailor solutions to help them generate revenue.”
Zhang Hong (Macro Zhang), General Manager, Veeam China
As previously mentioned, Veeam Software initially focused on simplifying virtual machine backup. Backup technology can be regarded as a foundational technology in data management, and Veeam’s early choice of this direction undoubtedly laid a solid foundation for its subsequent development.
Veeam Platform
On this matter, Zhang Hong further remarked:“We are extending related business capabilities by ‘standing on the shoulders of backups,’ bringing data to life. Backup data may appear relatively inert, but by leveraging backup technologies, we can replicate users’ business data along with their business systems into an environment identical to the production environment. This enables more innovative applications and security drills, thereby fully realizing the value of data.”
First, it helps users leverage backup data to achieve multi-dimensional management; second, it validates their business concepts; third, it opens up APIs to facilitate data flow, enabling other departments to create greater value under the premise of data security and availability.
“Cognitive models” largely determine the ceiling of a company’s development. It is Weimeng Software’s correct strategic positioning that has earned it market recognition and sustained profitability.
This November, Veeam® Software announced that its annual recurring revenue (ARR) for the third quarter of 2021 increased by 28% year-over-year, marking another period of double-digit growth.
As technology and data infrastructure continue to improve, Weimeng Software’s Ark has naturally set sail into the vast realm of medical big data security protection.
From the perspective of Weimeng Software, data protection is a top priority in the healthcare industry, while cloud services represent the primary trend for future digital transformation among related enterprises.
On one hand, the "2019 Cybersecurity Observation Report for the Healthcare Industry" points out that the healthcare industry is generally at a "significant risk" level of security risk.
On the other hand, frequent occurrences of unexpected downtime and data loss undoubtedly deliver a “fatal blow” to enterprises in the digital age. The loss of critical R&D data can erode confidence among customers and stakeholders, while data recovery consumes significant time. According to statistics from Veeam Software, approximately 95% of organizations have experienced unexpected downtime in the past year.
Backup has become an indispensable component of modern data protection. Leveraging cloud backup to enhance backup reliability is crucial for shifting management costs.
Weimeng Software has safeguarded clinical applications for more than 20,000 healthcare providers worldwide. In recent years, Weimeng Software has entered into partnerships with Suqiao Biologics, Qingdao Huanghai Pharmaceutical, Zhongnan Hospital, and Renji Hospital affiliated to Shanghai Jiao Tong University School of Medicine.
Take CDMO service companies represented by Suzhou BridgeBio as an example.CDMO service providers are required to offer pharmaceutical companies innovative services encompassing process development, manufacturing, regulatory registration, validation batch production, and commercial customized manufacturing, covering numerous stages from preclinical study design and clinical trials to product manufacturing.
Its operational data constitutes the core of pharmaceutical companies' drug research and innovation; once lost or compromised through illegal intrusion, counterfeit drugs may emerge in the market. This would not only infringe upon clients' patent rights but also adversely impact the development of WuXi Biologics.
On the other hand, Suzhou Bridge Bio’s key business systems for product R&D and manufacturing must operate continuously around the clock. Data loss leading to business interruption would not only disrupt normal work schedules but could also necessitate restarting the entire R&D process from scratch, incurring substantial costs.
Moreover, business data in the pharmaceutical and healthcare industry must be retained for ten years, twenty years, or even permanently to comply with regulatory reviews for public listings. The importance of data protection, data backup, and related measures is self-evident.
In their four-year overdue partnership, Weimeng Software’s technical services have helped Suqiao Bio save approximately 60% in storage costs and significantly enhanced Suqiao Bio’s data security through 24/7 monitoring.
Additionally, the hospital must meet patient needs such as outpatient registration, medication information inquiries, and nutritional meal ordering and delivery, ensuring high availability and continuity of all systems. Data must be retained in accordance with the hospital’s compliance requirements.
During its collaboration with hospitals, Weimeng Software provided Suqiao Biotech with a comprehensive and effective solution.
First, by deploying Veeam® Backup & Replication™ Enterprise Plus, Veeam helps WuXi Biologics meet the high demand for uninterrupted operation of its R&D and production systems for over ten consecutive days.
Secondly, by implementing Veeam ONE to provide 24/7 monitoring of Suzhou Bridge Biotech’s virtual and physical environments, anomalies can be detected early to prevent business downtime, thereby better safeguarding clients’ intellectual property rights.
Furthermore, leveraging its expertise in VMware and Nutanix virtualization backup, Veeam provides comprehensive backup and recovery for both short-term and long-term data running on VMware and Nutanix at Suzhou Bridge Bio, ensuring data integrity and business continuity.
Finally, Veeam leveraged its product’s hardware deduplication capabilities and long-term tape backup to save WuXi Biologics approximately 60% in storage costs.
As healthcare informatization continues to advance and the value of data keeps rising, cloud-based solutions have become the future trend for disaster recovery. Weimeng Software’s solution is certainly meaningful.