Insight Venture Partners has invested $500 million in the IT company Veeam Software to accelerate the next phase of growth as the provider of data management solutions for the Public and Private Cloud.
The investment has strong participation from Veeam's strategic investor Canada Pension Plan Investment Board (CPPIB), the company said in a statement.
"Today, Veeam is leading the data management space, with more than 325,000 customers, 60,000 partners, 82 per cent of the Fortune 500 relying on our solutions," said Ratmir Timashev, Co-Founder and Executive Vice President (EVP), Sales and Marketing, Veeam.
Veeam will leverage Insight Venture Partners' internal business strategy arm, Insight Onsite, and capital to accelerate its expansion through both organic growth and M&A activities.
Headquartered in Baar, Switzerland, Veeam has offices in more than 30 countries including India.
--IANS
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