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Offsite backup with Veeam to virtual server (Rackspace, etc)?

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Is anyone backing up off-site using Veeam to a virtual server at a provider like Rackspace? I am wondering if it's reasonable cost-wise, or if it's better to just pay to stick a server in a colo facility. We have a lot of companies where the off-site backup is at the business owner's house, which is obviously cheaper, but I'd like to get away from that as much as possible.


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