Veeam Software, a global leader in Data Resilience by market share, announced an expansion of its shareholder base in a $2 billion secondary offering, valuing the company at $15 billion. This deal 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.
Protecting data from outages and cyber threats is essential 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 organizations rely on Veeam’s suite of data resilience solutions to protect their businesses.
As of September, Veeam generated $1.7 billion in annualized recurring revenue (ARR), with an 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. And 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.
Veeam is unique in safeguarding the digital world by enabling data resilience for over 550,000 organizations, including governments, large enterprises, and small businesses worldwide. It does this by delivering industry-leading capabilities from Data Backup to Data Recovery, Data Portability, Data Security, and Data Intelligence, ensuring data is always available.
Veeam offers these Data Resilience capabilities to customers with complete flexibility, whether they prefer it as a service from Veeam, through Veeam Cloud & Service Providers, or as self-managed software.
The Veeam Data Platform (VDP) provides top-tier data security, rapid recovery and hybrid cloud protection; including advanced ransomware defenses that help businesses mitigate risks and recover rapidly. And as Veeam expands its cloud-first offerings, it is uniquely positioned to meet the complex demands of today’s enterprise customers.
Veeam recently launched the Veeam Data Cloud (VDC) earlier this year, providing a Backup-as-a-Service (BaaS) platform that combines powerful data protection with a simple and seamless user experience in the cloud. And 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.
TPG’s investment was 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 served as the exclusive financial advisor to Veeam. And the deal is expected to close in Q1 2025 and is subject to customary closing conditions and regulatory approvals.
With this expanded investor base, Veeam increased flexibility for pursuing strategic partnerships, acquisitions, and enhanced capitalization opportunities in the future. Insight Partners remains the largest shareholder, emphasizing the long-standing trust in Veeam’s leadership and vision.
KEY QUOTES:
“In a digital-first world, data is the foundation of your business. 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. Our 550,000 customers and over 34,000 partners trust Veeam to keep their data resilient and their businesses running. That trust has made us the #1 global leader in Data Resilience and fuels our commitment to propel the industry forward.”
– Anand Eswaran, CEO at Veeam
“As businesses transform digitally, a data protection strategy that evolves with them, no matter where their data resides, is more critical than ever. Veeam understands the trend toward migration to the cloud and is poised to gain share with their new cloud-first offerings.”
– Arun Agarwal, Partner at TPG
“TPG has a long and successful track record of backing companies that are transforming the software and cybersecurity landscape and we’re excited to partner with Anand and his team, Insight, and the investor group to accelerate the company’s momentum and growth in the years ahead.”
– Nehal Raj, Co-Managing Partner of TPG Capital, TPG Tech Adjacencies (TTAD) and TPG Hybrid Solutions
“We are honored to have supported Veeam’s rise to global market leadership over the past four years. Veeam’s comprehensive solution and expansive market reach have established the company as a trusted enterprise partner with some of the largest organizations in the world. This success is a testament to both the strength of its management team and the world-class technology platform they have built. We look forward to continued success together as Veeam embarks on the next wave of growth with its recently introduced cloud-first offerings.”
– Mike Triplett, Managing Director at Insight Partners
“We are excited to partner with management, as well as Insight, TPG, and Temasek to support Veeam in its next phase of growth. We have long admired the company and believe Veeam’s demonstrated track record of innovation and high-quality service will continue to be valued by customers in the years to come.”
– Nikhil Krishnan, Managing Director, Neuberger Berman Capital Solutions
