Insight Partners owned Veeam expands investor base in a $2 billion secondary equity offering led by TPG with participation from Temasek, Neuberger Berman Capital Solutions, and others
Veeam Software expands its shareholder base in a $2 billion secondary offering, valuing the company at $15 billion. This 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 $1.7 billion in annualized recurring revenue (ARR), with a 18% year-over-year growth rate including 31% year-over-year growth for the Software + SaaS subscription business and 30% EBITDA margins – exceeding the Rule of 40 – 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.
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.
“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. 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.”
“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,” said 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,” added Nehal Raj, Co-Managing Partner of TPG Capital, TPG Tech Adjacencies (TTAD) and TPG Hybrid Solutions.
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.
“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. “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.”
“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,” said Nikhil Krishnan, Managing Director, Neuberger Berman Capital Solutions.
Morgan Stanley & Co. LLC served as the exclusive financial advisor to Veeam. The transaction is expected to close in Q1 2025 and is subject to customary closing conditions and regulatory approvals.
New Opportunities and Strategic growth
With this expanded investor base, Veeam has increased flexibility for pursuing strategic partnerships, acquisitions, and enhanced capitalization opportunities in the future. Insight Partners remains the largest shareholder, highlighting the long-standing trust in Veeam’s leadership and vision.
This announcement signals a transformative chapter for Veeam.
