Keepit tops USD $100 million ARR on AI Truth Cloud

Keepit has surpassed USD $100 million in annual recurring revenue, a milestone that comes as the Danish cloud data protection company rolls out its AI Truth Cloud strategy.

The mark follows more than 13-fold growth since growth equity investor One Peak first backed the business in 2020, equivalent to a compound annual growth rate of more than 55%.

Keepit sells backup and data protection services for software-as-a-service applications including Microsoft 365, Google Workspace and Salesforce. It serves customers through resellers, managed service providers and aggregators, and says it now has 700 employees, offices across Europe and the Americas, and data centres in seven regions.

The company is positioning backup data as a trusted record for organisations deploying artificial intelligence systems. Its AI Truth Cloud initiative is built on the idea that organisations need an independent, verifiable copy of their operational data as AI tools read, modify and generate information across business systems.

Co-Founder and Chief Executive Officer Morten Felsvang linked the revenue milestone to that argument.

"Reaching $100 million in ARR validates what we've always believed: that organisations everywhere need data protection that doesn't depend on the same hyperscalers that host their data," said Morten Felsvang, Co-Founder and Chief Executive Officer, Keepit.

He said the company's model is built around independence from the large cloud infrastructure groups that dominate much of the software market. Keepit stores customer backups in what it describes as a vendor-neutral cloud rather than on infrastructure provided by Microsoft, Google or Amazon.

AI focus

Keepit argues that the spread of AI agents raises the business importance of backup data. Its case is that when AI systems act on enterprise information and write changes back into core systems, errors or unwanted alterations can spread quickly, making an immutable historical record more valuable.

Co-Founder and Chief Visionary Officer Frederik Schouboe set out that view in the company's remarks on the launch.

"Backup used to answer one question: Can we get the data back?" said Frederik Schouboe, Co-Founder and Chief Visionary Officer, Keepit. "AI is making companies ask something bigger: Can we trust the data our business is running on? This means data protection is no longer a cost of doing business, but rather the foundation of doing business you can trust."

That pitch reflects a broader shift in the data protection market, where vendors increasingly link backup, recovery and archival tools to AI governance, cyber resilience and compliance. For enterprise buyers, those discussions often overlap with concerns about data residency, service dependence and recovery rights when a core software provider suffers an outage or an access dispute arises.

Keepit says its approach gives customers access to data even if they lose access to the original software provider. It also says customers can restore data at a granular level or recover an entire environment without relying on the primary SaaS vendor to perform that task.

Independent model

Keepit's independence claim is central to its sales message. Rather than storing protected data on the same large public cloud systems used by the applications being backed up, it operates its own infrastructure across independent data centres.

That structure is also aimed at organisations facing sovereignty rules in regulated sectors or in markets where data residency requirements differ across jurisdictions. The company cites customers in finance, education, manufacturing and other sectors.

Named customers include Luminus, Porsche Holding Salzburg, Carlsberg, HDI, KU Leuven, Oxford University Innovation, Saxo Bank, freenet and Emmi. Keepit says it serves organisations ranging from single-seat small businesses to large multinational enterprises on one platform.

The nine-figure recurring revenue threshold is a notable marker for a European software infrastructure company operating in the crowded cloud backup and cyber recovery market. It suggests demand for SaaS data protection remains strong as more corporate records, communications and workflows move into third-party cloud applications.

For investors and rivals, the figure also points to the commercial appeal of offering separation from the biggest cloud platforms at a time when many customers are reassessing concentration risk. The issue has gained prominence as companies deepen their use of subscription software while seeking more control over where copies of critical information are stored.

"We've built this company to grow without sacrificing the things that matter: independence, sovereignty, immutable storage, and the trust of our customers. As our AI strategy fully comes to life, that momentum will continue," said Felsvang.