Insight Venture Management LLC, or Insight Partners, agreed to purchase Switzerland-based cloud data management company Veeam Software Group GmbH in a deal valued at roughly $5 billion.

The transaction, set to be completed in the first quarter, will result in Veeam becoming a U.S. company with a U.S.-based leadership team. It will also allow the business to evolve into hybrid cloud, enter new markets and advance its growth.

As part of the deal, William Largent and Danny Allan have been promoted to CEO and chief technology officer, respectively, of Veeam.

Ayers Neugebauer & Co.'s Nick Ayers, a co-investor in the company, will join Veeam's board, alongside Largent and Insight managing directors Mike Triplett, Ryan Hinkle and Ross Devor. Veeam co-founders Andrei Baronov and Ratmir Timashev will resign from the board.

Affiliates of J.P. Morgan, Goldman Sachs & Co., Morgan Stanley, Ares Management, Bank of America, Golub Capital and Antares Capital provided financing commitments for the deal.

Goldman Sachs, J.P. Morgan and Morgan Stanley were financial advisers to Insight, while Willkie Farr & Gallagher LLP was its legal counsel. Ropes & Gray LLP was legal adviser to Veeam.