Microsoft has invested in Veeam Software, a cloud data firm, to collaborate on the development of artificial intelligence products, the company announced on Tuesday.
Veeam’s software is designed to help customers recover data quickly following cybersecurity incidents, ransomware attacks, or data loss. The core product offers immutable backups, which prevent ransomware from tampering with or deleting information. This ensures that clean copies remain accessible for recovery even if hackers encrypt files.
This investment marks an expansion of the partnership between Microsoft and Veeam. Microsoft had previously invested in Rubrik, a cybersecurity firm that offers data backup and recovery solutions, in 2021.
Veeam stated that with Microsoft’s support, it would focus on research, development, and design collaborations. The firm also plans to integrate Microsoft’s AI services into its products.
Insight Partners, a U.S. private equity firm and Veeam’s largest shareholder, sold a $2 billion stake in the company in a secondary sale in December of last year, valuing the company at $15 billion. Insight Partners acquired Veeam in 2020 for approximately $5 billion.
Founded in 2006, Veeam has over 550,000 customers worldwide, including major corporations like Deloitte and Canon.
