Veeam announces new investors with a $15 billion valuation

Veeam Software has announced an expansion of 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.

“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.”

Veeam has been recognized as the #1 provider in the Data Replication & Protection software category, according to the 2024 H1 IDC Semiannual Software tracker. Veeam is unique in safeguarding the digital world by powering data resilience for over 550,000 organizations, spanning governments, large enterprises, and small businesses worldwide. It does this through delivering industry-leading capabilities from Data Backup to Data Recovery, Data Portability, Data Security, and Data Intelligence, ensuring data is always available.  

Veeam delivers these Data Resilience capabilities to customers with complete flexibility, whether customers prefer it as-a-service from Veeam, through Veeam Cloud & Service Providers, or as self-managed software.

The Veeam Data Platform (VDP) delivers top-tier data security, rapid recovery and hybrid cloud protection; including advanced ransomware defenses that help businesses mitigate risks and recover rapidly. As Veeam expands its cloud-first offerings, it is uniquely positioned to meet the complex demands of today’s enterprise customers.

Veeam launched the Veeam Data Cloud (VDC) earlier this year, offering a Backup-as-a-Service (BaaS) 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.

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.

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. As it continues to lead the industry in data resilience as the #1 leader in market share, Veeam is committed to delivering industry-defining solutions that safeguard the digital world with exceptional resilience and intelligence.