MUMBAI: Veeam Software, a global provider of data resilience solutions, has broadened its investor base through a $2 billion secondary equity offering. The transaction, led by TPG and joined by Temasek, Neuberger Berman Capital Solutions, and others, values the company at $15 billion.
The equity offering is expected to enhance Veeam’s capacity for strategic growth initiatives, including partnerships, acquisitions, and product innovation. Insight Partners, the company’s largest shareholder, continues to back its expansion efforts.
Veeam’s growth trajectory reflects increasing demand for data resilience solutions amid rising cyber threats and the complexity of managing data across hybrid and cloud-first environments. The company reported $1.7 billion in annualized recurring revenue as of September 2024, driven by an 18% year-over-year growth rate and 31% growth in its software and SaaS subscription business. With EBITDA margins of 30%, Veeam surpasses the Rule of 40, demonstrating profitability alongside growth.
“Data protection is critical for business continuity in a digital-first world,” said Anand Eswaran, CEO of Veeam. “The trust of our 550,000 customers underscores the importance of data resilience as enterprises tackle ransomware and other cyber risks.”
The $2 billion transaction represents TPG’s ongoing focus on investments in the technology and cybersecurity sectors. “Veeam’s growth and innovation align with the evolving needs of businesses navigating digital transformation,” said Arun Agarwal, Partner at TPG.
Morgan Stanley acted as the exclusive financial advisor to Veeam for this transaction.
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