Data resilience firm Veeam scores $15B valuation in $2B secondary sale
Veeam brought on strategic investors including TPG and Temasek to bolster its cap table with sites set on an eventual IPO.
Veeam, which helps its users secure and recover their data, has seen its valuation spike in a recent secondary sale that was aimed at bolstering the company’s cap table before an eventual IPO.
The Insight Partners-backed company said on Tuesday it had raised $2 billion in a secondary share sale that valued it at $15 billion. TPG led the investment, while Temasek, Neuberger Berman Capital Solutions and others participated. The sale will close in Q1 2025.
This sale triples Veeam’s price tag since it was acquired by Insight Partners for $5 billion in January 2020. The company recorded annual recurring revenue of $1.7 billion, according to financial results from the end of September, and is growing 18% year over year.