Keepit, the cloud backup and recovery solutions vendor, has published a business update and reflection on 2024. The year saw strong growth from a business and financial perspective. Analyst firm Spark Matrix also recognised Keepit as a “Leader for Cloud Data Protection for SaaS Applications.” It was also placed as a leader in the Winter 2025 G2 market presence and momentum grids. In total, it achieved 13 awards in 2024.
Morten Felsvang, Keepit Co-Founder and Chief Executive Officer commented, “Continuous dialogue with customers, partners, and the community, along with an agile product development organisation, is key to our success and ability to attract investments— propelling Keepit to new heights.”
The firm boasts a high customer retention score, though it did not reveal any numbers.
Keepit claims to be one of the fastest-growing SaaS firms in the SaaS backup market. In its annual auditor’s report (for the year ending September 30th 2024), it reported revenue of Dkr 295,768,000 (approx US$41 million), a growth rate of 40% year over year. Gross profits rose to Dkr 194,797,000 (approx US$27.3 million). However, it made a net loss of DKK 107,705,000 (Approx US$15 million as a percentage of revenue, this was an improvement, though. The firm is reducing losses by percentage of revenues and should it stop investing in growth, it may be able to reach profitability quickly.
Keepit maintained its growth during the year and received further backing from its investors, with a $50 million investment round led by existing investor One Peak and EIFO, the Export and Investment Fund of Denmark.
Felsvang noted, “This funding underscores the confidence in Keepit’s mission to protect SaaS data globally and accelerates the company’s ability to innovate and expand its operations across key markets. The investment will enable Keepit to strengthen its leadership position, enhance its product offerings, and scale our global team to meet increasing demand.”
Expansion continues in 2024
As international expansion continued, in January 2024, it opened its first office in the United Kingdom. The office is located in the City of London and is now helping to serve customers and partners in the UK and Ireland. It also added a presence in Scotland, though no office.
In October 2024, it opened its office in Paris, appointing Regional Vice President Thierry Bedos to lead the go-to-market strategy across France and Southern Europe, notably in Italy and Spain. Bedos joined from Forcepoint in December 2024.
Headquartered in Denmark, the firm now has offices in the United States, the UK, Germany, Poland and France. This rapid expansion was further strengthened with two new data centres in Switzerland. The firm now has data centres in seven regions.
The firm has continued to expand in the Americas following its launch in the US in 2022. Fahad Qureshi, who was appointed Vice President of Sales Americas/ANZ in November, commented, “The momentum we built in 2024 is setting the stage for explosive growth this year—doubling or even tripling our success. It’s incredible to see the surge in partners, customers, and top talent eager to join us.
“With strategic global expansion, major investments, and a sharp go-to-market strategy, we’re accelerating at an unprecedented pace. Our product roadmap is stronger than ever, and 2025 is shaping up to be our biggest year yet.”
Other senior appointments during the year included:
- Michael Amsinck, Chief Product Officer (CPO)
- Kim Larsen, Chief Information Security Officer (CISO)
- Liz Barnhart, Vice President of Global Alliances
Renewed Partner Focus
Keepit also invested in its partner ecosystem during the last year. It launched the Keepit Partner Network, which aims to support its evolution to a partner-only model. The network offers attractive margins across three types of partners: “registered,” “select,” and “elite.” Each partner is provided with dedicated sales and marketing support and collaborates with dedicated regional partner managers who are focused on partner success.
The new strategy is reaping the rewards for existing partners and attracting new ones to its growing global partner network. Partners include:
- Americas: Alchemy Technology Group, P1 Technologies, Centre Technologies, and Movti have strengthened Keepit’s footprint in the US and Latin America
- ANZ: Vectec, blueAPACHE, and CSW-IT
- EMEA: Keepit has added several partnerships across DACH, Benelux, Nordics, the UK, and Southern Europe. They include Komposite (FR), SPIE ICS (CH), Nunsys (ES), and Omega Peripherals (ES)
Looking ahead to 2025
After a successful 2024, Keepit is looking to build towards its vision of a partner-led strategy worldwide. It will prioritize the key markets of Europe and the Americas, as well as look to expand partner relationships in other regions.
More investment will be made in innovating its products with a focus on delivering intelligent resilience and recovery through broader workload coverage. It will also deliver deeper data management and intelligence capabilities for the enterprise.
The firm will also hold a series of events known as “Keepit Live”. These will see Keepit present at various events worldwide. The first three are:
- Resilience Strategy Summit, on March 27th in New York
- FIC between April 1st – 3rd in Lille
- RSAC between April 28th and May 1st in San Francisco
Enterprise Times: What does this mean
It was a strong year for Keepit as it targeted growth. The firm seems to have managed that growth well, adding new regions with its data centres, new offices and adding more staff. It closed out 23/24 with 245 employees, up from 190 the year before. While it is still some way from profitability, its growth and cash reserves seem sufficient to continue the investment it needs to continue its trajectory.
In the last year, Felsvang has also strengthened his leadership team. It will be interesting to see how they can accelerate growth, especially in the United States.
