Veeam Secures $2 Billion Secondary Offering, Valued at $15 Billion

Veeam® Software, the global data resilience company, has expanded its shareholder base in a $2 billion secondary offering, valuing the company at $15 billion. Led by TPG (NASDAQ: TPG) with participation from Temasek, Neuberger Berman Capital Solutions, and other investors, this transaction reinforces Veeam’s dominance in the rapidly growing data resilience market.

In a digital world where protecting data from cyber threats and outages is critical, Veeam has become the trusted partner for over 550,000 organizations, including 77% of the Fortune 500. Businesses increasingly rely on Veeam’s innovative data resilience solutions to combat the challenges of growing data volumes, regulatory complexity, and ransomware threats.

Veeam reported $1.7 billion in annualized recurring revenue (ARR) as of September 2024, marking an 18% year-over-year growth. Its Software + SaaS subscription business grew by 31% YoY, contributing to 30% EBITDA margins that exceed the Rule of 40, a benchmark for sustained profitable growth. These results have enabled Veeam to prioritize security, cloud technology, and AI-driven innovation, solidifying its position as a global leader in data resilience.

Veeam’s CEO, Anand Eswaran, highlighted the critical role of data resilience in today’s business landscape. “In a digital-first world, data is the foundation of your business. If you lose access to that data, your business stops. Our 550,000 customers and over 34,000 partners trust Veeam to keep their data resilient and their businesses running. This trust has made us the #1 global leader in Data Resilience and fuels our commitment to propel the industry forward,” Eswaran said.

Recognized as the #1 provider in the Data Replication & Protection category by the 2024 H1 IDC Semiannual Software Tracker, Veeam protects the digital world with capabilities ranging from backup and recovery to security and intelligence. The company’s flexible solutions are offered as-a-service, through Veeam Cloud & Service Providers, or as self-managed software.

Veeam’s Data Platform provides advanced ransomware defenses, hybrid cloud protection, and rapid recovery, meeting the complex demands of today’s enterprises. The launch of the Veeam Data Cloud and its Data Cloud Vault earlier this year introduced Backup-as-a-Service (BaaS) and secure, immutable cloud-based storage, further enhancing data protection options for businesses.

TPG’s investment, supported by its Tech Adjacencies (TTAD) and Hybrid Solutions strategies, underscores Veeam’s potential to drive transformation in software and cybersecurity. Insight Partners remains Veeam’s largest shareholder, reaffirming its confidence in the company’s leadership and innovative vision. Arun Agarwal, Partner at TPG, emphasized Veeam’s strategic positioning, stating, “The company’s cloud-first offerings uniquely address the needs of modern enterprises.”

With the transaction expected to close in Q1 2025, subject to regulatory approvals, Veeam is poised for further growth. The expanded investor base offers flexibility for strategic partnerships, acquisitions, and enhanced capitalization, supporting Veeam’s mission to deliver exceptional data resilience solutions that safeguard businesses worldwide.

This development marks a transformative chapter for Veeam as it continues to lead the data resilience market, valued by customers for its innovation and commitment to keeping the digital world secure.