When attempting to add Veeam Backup for Microsoft 365 to Veeam ONE, either of the following error occurs:
Failed to connect to “localhost”.404 Not Found
Failed to add the Veeam Backup for Microsoft 365 server. The server version is not supported.
Both errors occur for the same reason, the version of Veeam Backup for Microsoft 365 installed is not supported for integration with Veeam ONE.
As documented in the Veeam ONE User Guide > Integration with Veeam Backup for Microsoft 365:
Veeam ONE offers monitoring and reporting capabilities for Veeam Backup for Microsoft 365 version 7 and later builds.
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