Microsoft Invests in Veeam Software to Boost AI Capabilities
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Microsoft has made an undisclosed equity investment in Veeam Software as part of an expanded partnership to develop artificial intelligence products, Reuters reports.
Veeam's software specializes in helping customers recover data after cybersecurity incidents, ransomware attacks, or accidental data loss. Its core product supports immutable backups, preventing ransomware from altering or deleting data, ensuring clean copies are available for recovery even if files are encrypted.
This investment follows Microsoft's 2021 investment in cybersecurity firm Rubrik, which also offers data backup and recovery solutions.
Veeam will focus on research and development investments, design collaboration, and integrating Microsoft's AI services into its products.
Insight Partners, Veeam's largest shareholder, recently sold a $2 billion stake in the company, valuing it at $15 billion. Veeam was acquired by Insight Partners for about $5 billion in 2020.
Founded in 2006, Veeam boasts over 550,000 global customers, including corporations like Deloitte and Canon.