Data company Veeam Software has announced an expansion of its shareholder base in a USD2 billion secondary offering, valuing the company at USD15 billion.
The transaction was led by TPG with participation from Temasek, Neuberger Berman Capital Solutions, and other key investors, reinforcing Veeam’s position as a global leader in the rapidly growing data resilience market.
As of September, Veeam has generated USD1.7 billion in annualised recurring revenue with a 18% year-over-year growth rate including 31% year-over-year growth for the Software + SaaS subscription business and 30% EBITDA margins, demonstrating a track record of sustained profitable growth.
This growth has enabled Veeam to invest boldly in security, cloud, and AI-driven innovation, positioning the company as the leading provider for data resilience globally
Protecting data from outages and cyber threats is critical for ensuring business continuity. As executives grapple with the explosion in the volume of data, IT and regulatory complexity, and a surge in ransomware attacks, 77% of the Fortune 500 and over 550,000 organisations rely on Veeam’s suite of data resilience solutions to protect their businesses.
“In a digital-first world, data is the foundation of your business,” said Veeam CEO Anand Eswaran. “If you lose access to that data, your business stops. As enterprises embrace AI and digital initiatives, the volume and value of data continues to grow, along with the risks – ransomware, cyber threats, and other outages.”
Veeam launched the Veeam Data Cloud earlier this year, offering a Backup-as-a-Service platform that combines powerful data protection with simple and seamless user experience in the cloud. The Veeam Data Cloud Vault, introduced in March 2024, provides customers with secure, cloud-based backup and always-immutable storage options for peace of mind.
“As businesses transform digitally, a data protection strategy that evolves with them, no matter where their data resides, is more critical than ever,” said TPG Partner Arun Agarwal. “Veeam understands the trend toward migration to the cloud and is poised to gain share with their new cloud-first offerings.”
TPG’s investment is funded by TTAD, the firm’s strategy dedicated to providing flexible capital solutions to the technology industry, and TPG’s new Hybrid Solutions strategy, a collaboration between the firm’s Private Equity and Credit Solutions teams.
Morgan Stanley & Co. LLC served as the exclusive financial advisor to Veeam. The transaction is expected to close early in 2025 and is subject to customary closing conditions and regulatory approvals.
With this expanded investor base, Veeam has increased flexibility for pursuing strategic partnerships, acquisitions, and enhanced capitalisation opportunities in the future. Insight Partners remains the largest shareholder, highlighting the long-standing trust in Veeam’s leadership and vision.
