Veeam seems to have accomplished part of that goal, given that the investors who have now come in all invest in both private and public assets — they would be less likely to sell their stake in Veeam at an IPO, unlike many private equity or venture capital funds.

The fresh $2 billion will be used to bulk up the company’s research and development team, and for acquisitions as the right opportunities arise, Eswaran said.

While the company doesn’t have specific M&A goals, it’s keeping an eye out for potential acquisition targets. Eswaran noted a few areas, like companies with AI technology that could help Veeam scale, data resilience businesses focused on workloads Veeam isn’t currently active in, and companies with adjacent or complementary tech.