Insight Venture Partners acquired a minority stake in Veeam Software, a manufacturer of replication and backup management solutions, for an undisclosed amount.

Ratmir Timashev, CEO of Veeam, said the acquisition is just the latest of what has been a very good year for the company.  "The anticipation of the new Veeam Backup & Replication v7 combined with the acceleration of our backup and replication for Hyper-V business has produced the best quarter in Veeam's six year history," he said.

In the second quarter of 2013, Veeam recorded a 100% increase in revenue against the same period in 2012. It also recorded a 299% growth in its champion product, the Veeam Backup and Replication.

Following the acquisition, Insight's managing director Michael Triplette will sit in the Veeam's Board of Directors. He said in a statement that they were closely looking at the growth trajectory of Veeam and invested when the opportunity came.