January 9, 2020 / 10:32 AM / 13 days ago

Insight Partners to buy cloud data firm Veeam in $5 billion deal

Jan 9 (Reuters) - U.S.-based private equity firm Insight Partners said on Thursday it would buy cloud data management company Veeam Software in a deal valued at about $5 billion.

After the deal closes in the first quarter of 2020, Veeam, which is based in Baar, Switzerland, will become a U.S. company, the statement said.

William Largent, executive vice president of operations at Veeam, will become its chief executive officer, Insight Partners said.

Earlier this week, the private equity firm had said it would buy cybersecurity firm Armis at a valuation of $1.1 billion. (Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur)

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