Veeam Valued at $15 Billion as Insight Sells $2 Billion Stake

The U.S. private equity firm Insight Partners sold its $2 billion stake in the cloud data company Veeam as part of a secondary sale valued at around $15 billion.

The sale was announced on Wednesday. TPG led the deal, which involved Temasek, Neuberger Berman Capital Solutions, and others. Veeam CEO Anand Eswaran told Reuters that the deal is intended to help diversify the company's investor base and provide liquidity and capital source for future M&A deals. The company does hope for an eventual initial public offering, but no timeline has been set, Eswaran noted.

Veeam's Anand Eswaran

"We don't have to go public to raise money or liquidity. But being in the public markets is a good thing... There's no urgency, but it's clearly something we will do, and this secondary and inviting these blue-chip investors to be part of our journey is a key part of that next milestone," Eswaran said.

 Veeam 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, according to data gathered in September.

Insight Partners and Veeam Valuation

Insight Partners remains the company's largest shareholder.

Insight Partners' Mike Triplett

“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.”

Related:Sherweb Marketplace Adds Veeam Data Protection Offerings

Veeam has continued to improve its product line and ensure it is the market leader. On Tuesday, it expanded the capabilities of Veeam Data Platform 12.3 to include Microsoft Entra ID protection. In November, it added new integrations between Veeam Data Platform and the Cloud Vault to offer extended availability.