Veeam, a privately held data management company, said that it has raised $500 million in funding from Insight Venture Partners and Canada Pension Plan Investment Board.
The company, which has about $1 billion in annual sales, is a player in the cloud data management market and has 325,000 customers. Veeam started with a specialty in on-premises backup and recovery software, but is morphing into data management for hybrid and public cloud environments.
Gartner put Veeam among the leaders in the data center backup and recovery market, but the competition includes Dell EMC, Commvault, IBM and Veritas Technologies to name a few.
Veeam has a wide range of products and partners, but broadly speaking its data management efforts include its Hyper-Availability Platform.
Veeam said that the additional capital will be used to expand organically as well as through mergers and acquisitions. Veeam will also leverage Insight Venture Partners' business strategy group to find opportunities.
Insight and Veeam have been partners in previous deals with co-founder Ratmir Timashev. Insight Venture Partners Managing Director Michael Triplett will join Veeam's board of directors.
Here's a look at Veeam's products.
Correction: Updated Insight Venture Funding to correct name Insight Venture Partners.