Veeam secures $2Bn investment, leads global data protection market
WASHINGTON, UNITED STATES — Data resilience provider Veeam Software has announced an expansion of its investor base through a $2 billion secondary offering, valuing the company at $15 billion.
The transaction, led by TPG with participation from Temasek and Neuberger Berman Capital Solutions, marks a pivotal moment for the Seattle-headquartered company.
Market dominance of Veeam
Veeam has established itself as the dominant force in the data resilience market, serving 77% of Fortune 500 companies and protecting over 550,000 organizations worldwide.
The company generated $1.7 billion in annualized recurring revenue with an 18% year-over-year growth rate. Their Software + SaaS subscription business has shown particularly strong momentum, growing 31% year-over-year while maintaining impressive 30% EBITDA margins.
We’re excited to welcome several new investors, including @tpg, & @neubergerberman, through a secondary offering that values Veeam at $15B. Together, we’re teaming up to fuel the innovations you trust to protect your data. Read more. https://t.co/ZnWLu5IoGP pic.twitter.com/QGwsQ132fg
— Veeam® Software (@Veeam) December 4, 2024
Global reach, investment impact
Operating in more than 30 countries, Veeam has built a comprehensive suite of data resilience solutions that includes data backup, recovery, portability, security, and intelligence services. The company’s latest innovation, the Veeam Data Cloud Vault, launched in March 2024, provides customers with secure, cloud-based backup and immutable storage options.
“In a digital-first world, data is the foundation of your business. If you lose access to that data, your business stops,” said Anand Eswaran, CEO at Veeam.
“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.
The transaction, expected to close in Q1 2025, positions Veeam for accelerated growth in the cloud-first era. While Insight Partners remains the largest shareholder, the expanded investor base provides Veeam with increased flexibility for strategic partnerships and acquisitions.
“We are honored to have supported Veeam’s rise to global market leadership over the past four years,” said Mike Triplett, Managing Director at Insight Partners.
“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.”
