Veeam Software, a cloud data startup, announced on Tuesday that Microsoft has expanded its relationship to include the development of artificial intelligence technologies, including an undisclosed stock investment.
Veeam’s software is intended to assist users in rapidly recovering their data following ransomware attacks, cybersecurity disasters, or unintentional data loss.
Immutable backups are supported by its primary product to stop ransomware from altering or erasing data, guaranteeing that clean copies may still be recovered even in the event that hackers encrypt files.
In 2021, Microsoft made an investment in Rubrik, a cybersecurity company that also provides data backup and recovery services.
Veeam stated that, with Microsoft’s help, it will prioritize design cooperation and investments in research and development.
Additionally, Microsoft’s AI services will be included into its products. In December of last year, Veeam announced that its largest stakeholder, the U.S. private equity firm Insight Partners, had sold a $2 billion interest in the company in a secondary sale, valuing it at $15 billion.
In 2020, Insight Partners paid around $5 billion to purchase Veeam. According to its website, Veeam, which was founded in 2006, has more than 550,000 clients worldwide, including companies like Deloitte and Canon.
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