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Data management company Veeam raises $500M

Privately held data management company Veeam Software AG raised $500 million in investment from Insight Venture Partners, with "strong participation" from strategic investor Canada Pension Plan Investment Board.

Michael Triplett, managing director at Insight Venture Partners, will join Veeam's board, according to a Jan. 16 news release.

Switzerland-based Veeam will use the funds raised to accelerate the next phase of its cloud growth and to expand through organic growth and M&A activities.

The co-chairman of Willkie Farr & Gallagher LLP, Gordon Caplan, served as adviser for the deal.

Insight Venture Partners previously acquired a stake in Veeam in 2013.