World’s Data Resilience Leader, Veeam, Welcomes Investors at $15B Valuation

Veeam has announced a major transaction led by TPG, with participation from Temasek, Neuberger Berman Capital Solutions, and other key investors, further solidifying its leadership position in the rapidly expanding data resilience market. This strategic investment underscores the critical role data protection plays in today’s digital-first economy, where the increasing volume of data, IT complexity, and rising cyber threats demand robust solutions to ensure business continuity.

As businesses confront unprecedented challenges, including ransomware attacks and operational disruptions, Veeam has emerged as a trusted partner for data resilience. Currently, 77% of Fortune 500 companies and over 550,000 organizations globally rely on Veeam’s comprehensive suite of solutions to safeguard their data and maintain operational integrity.

In 2024, Veeam achieved remarkable financial milestones, generating $1.7 billion in annualized recurring revenue (ARR), with an 18% year-over-year growth rate. The company’s Software + SaaS subscription business demonstrated a 31% year-over-year growth, alongside impressive EBITDA margins of 30%. These results significantly exceed the “Rule of 40,” showcasing Veeam’s sustained profitability and ability to reinvest in innovation. This financial strength has enabled the company to lead the industry in advancing security, cloud services, and AI-driven capabilities, reinforcing its position as the foremost provider of data resilience solutions.

Anand Eswaran, CEO of Veeam, highlighted the company’s critical role in the digital era, emphasizing that “data is the foundation of your business. If you lose access to that data, your business stops.” He noted that the ongoing surge in data volume, driven by AI and digital transformation initiatives, has increased both the value of data and the risks associated with its loss. Veeam’s solutions address these challenges, helping its 550,000 customers and over 34,000 partners ensure uninterrupted business operations. Eswaran reaffirmed Veeam’s commitment to pushing the boundaries of innovation and maintaining its leadership in data resilience.

Veeam’s leadership has been widely recognized, with the company named the #1 provider in the Data Replication & Protection software category by the 2024 H1 IDC Semiannual Software Tracker. Veeam’s offerings span the full spectrum of data resilience, including data backup, recovery, portability, security, and intelligence. These capabilities are delivered with unmatched flexibility, allowing customers to choose between self-managed software or as-a-service options through Veeam Cloud & Service Providers.

Key innovations such as the Veeam Data Platform (VDP) and Veeam Data Cloud (VDC) have set new standards in the industry. VDP combines top-tier data security, rapid recovery, and hybrid cloud protection with advanced ransomware defenses, ensuring businesses can recover swiftly from cyber incidents. Earlier this year, Veeam introduced the Veeam Data Cloud Vault, offering secure, cloud-based backup with always-immutable storage, providing users with peace of mind and seamless data protection.

TPG’s investment in Veeam reflects its confidence in the company’s transformative potential. Arun Agarwal, Partner at TPG, emphasized that “as businesses transform digitally, a data protection strategy that evolves with them is more critical than ever.” TPG’s flexible capital solutions, offered through its Tech Adjacencies and Hybrid Solutions strategies, will support Veeam’s next phase of growth, including its expanded cloud-first offerings. Nehal Raj, Co-Managing Partner at TPG, echoed this sentiment, expressing excitement about partnering with Veeam’s leadership team and other investors to accelerate the company’s momentum.

Insight Partners, Veeam’s largest shareholder, expressed its continued support for the company. Mike Triplett, Managing Director at Insight Partners, praised Veeam’s world-class technology platform and expansive market reach, which have established it as a trusted partner for some of the world’s largest enterprises. Insight, alongside TPG, Temasek, and Neuberger Berman Capital Solutions, aims to support Veeam’s ambitious growth plans, including strategic partnerships and acquisitions.

Morgan Stanley & Co. LLC served as the exclusive financial advisor to Veeam in this transaction, which is expected to close in Q1 2025, subject to regulatory approvals and customary closing conditions. The enhanced capitalisation and expanded investor base provide Veeam with significant flexibility to pursue strategic growth opportunities in the years ahead.

This announcement marks a transformative chapter for Veeam as it continues to lead the industry in data resilience. By combining cutting-edge innovation with a steadfast commitment to its mission, Veeam remains dedicated to safeguarding the digital world and delivering exceptional solutions to its customers. With its strong market leadership and growing suite of offerings, Veeam is poised to shape the future of data resilience on a global scale.