Microsoft (MSFT) is falling 1.3% after the tech giant decided to invest in AI start-up Veeam Software and widen its partnership with Veeam, the latter company disclosed. Veeam did not note the amount of money that it plans to receive from MSFT.

More Information About the Deal

MSFT and Veeam will collaborate "to build AI solutions that help customers protect, recover, and unlock more value from their data," the start-up reported. Under the deal, the start-up "will focus on research and development investments, architectural expertise, and design collaboration with the support of Microsoft to accelerate AI-powered innovations for customers." Additionally, Veeam will utilize MSFT's AI services.

A development team working together to create the next version of Windows.

Calling itself "the #1 global leader by market share in Data Resilience," Veeam offers data protection-as-a-service, identity security and a data backup product. The firm also helps companies "automate compliance and recovery reporting" and "accelerate data restores."

"By integrating Microsoft AI with Veeam’s market-leading data resilience solutions, we’re helping customers not only protect their critical data but also unlock new insights and efficiencies across Microsoft 365 and Azure,” said Jason Graefe, Corporate Vice President, ISV’s & Digital Natives, Microsoft, in a statement.

The Recent Price Action of MSFT Stock

In the last month, the stock has fallen 11%, while it has given back 7% in the last three months.

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Disclosure: None. This article is originally published at Insider Monkey.