Data management firm Veeam has been acquired by software investors Insight Partners in a deal worth approximately $5 billion.

The change will see the Swiss firm become a US company, with an American leadership team take the helm.

Veeam offers backup solutions for cloud data management. According to the latest IDC Software Tracker, it’s the number one market share leader in EMEA and number four in the world, behind Dell, Veritas and IBM.

The deal will be completed by the end of the first quarter of 2020 and will enable Veeam to expand its hybrid cloud platform.

“Veeam’s strong growth, coupled with high customer retention, unparalleled data management solutions and the opportunities to expand services into new markets, make it one of the most exciting software companies in the world today,” said Mike Triplett, Insight Partners managing director.

“We are committed to supporting Veeam’s next phase of leadership and growth in the United States, continued market-share leadership position in EMEA and continued global expansion,” Triplett said. 

As part of the deal, former chief of staff to the VP of the United States, Nick Ayers will join Insight Partners managing director Mike Triplett and Veeam CEO, William H. Largent on the board. Co-Founders Andrei Baronov and Ratmir Timashev will step down. Additionally, Insight Partners managing directors Ryan Hinkle and Ross Devor will each serve on the Board once the acquisition has been completed.

“With the acquisition, we are excited that our current US workforce of more than 1,200 will be expanded and strengthened to acquire and support more customers,” said Largent. “Veeam has one of the highest calibre global workforces of any technology company, and we believe this acquisition will allow us to scale our team and technology at an unrivalled pace.”