Just to try to tidy up the correct answers given by both Jurgen and pkh
Yes you can do it by performing an Application GRT enabled backup of the Exchange Virtual Machine.
On a technical level this type of backup requires
-That supported versions of Hyper-V, Windows OS and Exchange are involved, so check the SCL.
-That our remote agent software is installed inside the Exchange Virtual Machine
- That either a full BE server or a remote agent is installed on the Hyper-V host itself
- That Exchange is not setup as a DAG (or using something like LCR/CCR)
- That network access (including name resolution) is available between Media Server and Virtual Machine as well as Media Server and Hyper-V host (i.e. you cannot have a complete segregated virtual network for Application GRT to work)
On a licensing level this type of backup requires
One of the following -
Capacity Licensing Edition (this covers everything)
OR
V-Ray Edition (will need some additional agent for windows or application agent licenses if you need to backup Physical systems as well)
OR
Backup Exec Server with Virtual Agent and Application Agent licenses (plus extra licenses for any other systems) - this licensing model is often known as 'A La Carte'
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Note the reason for choosing a specific model from the above list usually relates to simplicity of use against cost (and what licenses you already own) and you would probably need to work with a reseller to work out what is best for you, as typically we cannot cover specific costs on a forum. At this current time (and assuming that no licenses are already owned, which I know is not true for the OP) the Capacity Edition is usually recommended as being the easiest to manage going forwards.