Investor Insight Partners is to acquire Veeam Software for $5bn.
Following the deal the Swiss cloud data management company will become a US business and continue operating from offices in 30 nations, serving customers in over 160 countries.
The deal is expected to close during Q1 this year and boost Veeam's evolution into hybrid cloud and expansion into new markets.
William Largent becomes CEO. He was previously EVP for Operations.
Insight Partners first invested in Veeam at the beginning of 2019. The business now generates $1bn in annual sales and has more than 365,000 customers.
“Veeam has enjoyed rapid global growth over the last decade and we see a tremendous opportunity for future growth, particularly in the US market," said Largent.