Microsoft (MSFT)-backed Veeam Software has bought data privacy management software maker Securiti AI for $1.73 billion to prevent the continued failure of crucial AI projects.
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Veeam Team
According to Veeam, the deal will integrate Securiti AI’s Data Command Center product, used to unify and secure data scattered across multiple cloud services, with Veeam’s backup and recovery software.
According to Veeam, 77% of the Fortune 500 and 67% of the Global 2000 rely on Veeam to safeguard their data from cyber-attacks, outages and disasters.
Veeam said the deal with Securiti AI was timely because too many AI initiatives are “stalling because the data feeding them can’t be trusted.” It said that 80% to 90% of AI projects fail, many due to data issues including accuracy, permission, identity and privacy concerns.
It argues that traditional approaches, which involve siloed tools for data security and management, don’t reflect new AI threats and force teams into constant trade-offs between security, risk management, and business agility.
“The combination of Veeam and Securiti AI dramatically mitigates these trade-offs with a single command center for all data,” said Anand Eswaran, chief executive at Veeam. “We’ve entered a new era for data. It’s no longer about just protecting data from cyber threats and unforeseen disasters; it’s also about identifying all your data, ensuring it’s governed and trusted to power AI transparently.”
Backed Up
In December last year, U.S. private equity firm Insight Partners, which is the largest shareholder in Veeam, said it sold a $2 billion stake in the company in a secondary sale valuing the firm at $15 billion.
Veeam was acquired by Insight Partners for about $5 billion in 2020.
Earlier this year Veeam announced an expanded partnership with Microsoft—which included a Microsoft equity investment in Veeam —to build AI solutions.
It was one of a number of deals Microsoft is doing as it grows its AI game. Earlier this month it reportedly teamed up with Harvard experts to improve the health-related answers provided by its Copilot assistant.
In August, Microsoft announced it was testing its own in-house AI model, which could eventually power Copilot. The company has also been experimenting with non-OpenAI systems, including Anthropic’s Claude, across some of its products.
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