Mubasher: Insight Partners, a global venture investing in software companies, has completed the acquisition of Veeam Software, a leader in backup solutions providing cloud data management, at a total value of around $5 billion.

Previously announced on 9 January 2020, the acquisition aims to stimulate Veeam’s growth and strengthen the company’s position in the US market, as disclosed by a press release on Tuesday.

Commenting on the acquisition, the CEO of Veeam, Bill Largent, said: “Insight has been a trusted partner since 2013 when they made their first minority-stake investment in Veeam.”

Largent added: “Veeam is positioned extremely well in the market and Insight is the right partner to help us achieve the next level of growth for our Act II, evolution into Hybrid Cloud, and the right time starts today.”

As part of the acquisition, Insight Partners will transfer the headquarters of Veeam to the US and add experience to the company’s executive team.

In this regard, the CTO at Veeam, Danny Allan, referred: “With the Insight acquisition completed today and our recent release of the new Veeam Availability Suite v10 – the next generation of data protection – we have our sights set on extending that leadership position into the US, where we can leverage the growth opportunity for cloud data management in the enterprise.”