The private equity shop is on an acquisition run.

Insight Partners announced plans to purchase Swiss data management firm Veeam Software. The private equity shop plans to purchase the company for $5 billion.

Insight will make the purchase about a year after investing roughly $500 million into the firm. The private equity firm has about $20 billion in AUM and has investments in roughly 300 companies. This is a sizeable investment for Insight Partners.

The deal comes a week after the PE shop announced plans to purchase cybersecurity company Armis at a $1.1 billion valuation.

Insight Partners Buys Veeam

The deal gives Insight Partners a major stake in the growing cloud computing industry. Veeam provides backup to Amazon Web Services and Microsoft Azure. The firm has 365,000 customers around the globe and does more than $1 billion in sales a year.

IDC reports that Veeam saw annual revenue growth of 22.4% to $427 million during the first six months of 2019. By comparison, the market’s average growth was just a little above 3%.

“Veeam has enjoyed rapid global growth over the last decade and we see tremendous opportunity for future growth, particularly in the U.S. market,” said William Largent, EVP for operations. Largent will become Veeam’s CEO and take over for Andrei Baranov.

Veeam can thank strong customer retention and an expanding market for its success.

“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 and Veeam board member.

The deal will close during Q1. The firm will then transition from a Swiss-based to a U.S.-based company. The company was founded by Russians based in Switzerland. With its move to the U.S., it will become eligible to bid for government contacts. The firm will also have U.S. executives.

Related: Artificial Intelligence: Walmart’s Cutting Edge Use of AI and Machine Learning in Retail