Veeam Software has agreed to buy data privacy management software maker Securiti AI for about $1.73 billion, in a bid to tap customers seeking to safeguard and manage cloud data used in artificial intelligence applications.
The deal would 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, the companies said last week.
Veeam aims to better compete with rivals such as Rubrik (RBRK.N), opens new tab and Commvault Systems (CVLT.O), opens new tab with the acquisition, as cybersecurity incidents surge.
Securiti AI Chief Executive Rehan Jalil will join Veeam as president of security and AI after the transaction closes, which is expected in the fourth quarter, the companies said.
Morgan Stanley advised Securiti AI on the transaction and JPMorgan provided financing to Veeam.
