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

SEATTLE--(BUSINESS WIRE)--#DataProtection--Veeam Software, the #1 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 transaction was led by TPG (NASDAQ: 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.

In a digital world, protecting data from outages and cyber threats is critical 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 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 is the Global #1

Veeam has been recognized as the #1 provider in the Data Replication & Protection software category, according to the 2024 H1 IDC Semiannual Software tracker.i 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.

"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. 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.

For more information about Veeam, visit .

About Veeam Software

Veeam, the #1 global market leader in data resilience, believes every business should be able to bounce forward after a disruption with the confidence and control of all their data whenever and wherever they need it.Veeam calls this radical resilience, and we're obsessed with creating innovative ways to help our customers achieve it.

Veeam solutions are purpose-built for powering data resilience by providing data backup, data recovery, data freedom, data security, and data intelligence. With Veeam, IT and security leaders rest easy knowing that their apps and data are protected and always available across their cloud, virtual, physical, SaaS, and Kubernetes environments.

Headquartered in Seattle with offices in more than 30 countries, Veeam protects over 550,000 customers worldwide, including 74% of the Global 2000, that trust Veeam to keep their businesses running. Radical resilience starts with Veeam. Learn more at or follow Veeam on LinkedIn @veeam-software and X @veeam.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $239 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit .

Forward-Looking Statements

This communication may contain forward-looking statements that involve risks and uncertainties, including, but not limited to, those statements regarding the proposed transaction, including: (i) the expected timing of the closing of the transaction and (ii) expectations for Veeam following the closing of the transaction. There can be no assurance that the transaction will in fact be consummated. Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include (i) the possibility that the conditions to the closing of the transaction are not satisfied, including the risk that required regulatory approvals to consummate the transaction are not obtained, on a timely basis or at all and (ii) the diversion of Veeam management's time and attention from ongoing business operations and opportunities. All forward-looking statements in this communication are based on information available to Veeam as of the date of this communication, and Veeam does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

i IDC's Worldwide Semiannual Software Tracker, 2024H1 for Data Replication & Protection Software

Heidi Monroe Kroft
Veeam Software
Global Corporate Communications / Public Relations
(614) 339-8200
heidi.kroft@veeam.com