Insight Partners to acquire cloud backup vendor Veeam

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Insight Partners announced it will acquire cloud backup and data management vendor Veeam Software in a transaction valued at about US$5 billion. The acquisition is expected to close in the first quarter of 2020.

With the move, Veeam, a Swiss company, will become a US-based company. William H. Largent has been promoted to Chief Executive Officer (CEO) – he previously held the role of Executive Vice President (EVP), Operations – and Danny Allan has been promoted to Chief Technology Officer (CTO), according to the company.