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Veeam Software, a global leader in cybersecurity and data protection, announced Wednesday it has sold a $2 billion stake in the company through a secondary offering. The investment group, spearheaded by TPG, includes Temasek, Neuberger Berman Capital Solutions, and other new investors. The deal elevates Veeam's valuation to an impressive $15 billion.

Willkie Farr & Gallagher LLP advised Veeam in the transaction, with corporate partner Morgan Elwyn leading the legal team.

Veeam’s Growth Accelerates with Strategic Investment

The transaction marks a significant milestone for Veeam Software, which Insight Partners acquired for $5 billion in 2020. The new valuation reflects a threefold increase in the company’s worth, highlighting its rapid growth in the cybersecurity market.

The deal is expected to close in the first quarter of 2025, pending regulatory approvals and customary closing conditions.

TPG’s investment will be fueled by its Technology and Transformation Asset-Driven (TTAD) strategy, which focuses on capital solutions for tech enterprises. Additionally, the firm’s Hybrid Solutions strategy, a collaborative initiative between its private equity and credit solutions divisions, will play a role in funding.

“As businesses transform digitally, a data protection strategy that evolves with them, no matter where their data resides, is more critical than ever,” said Arun Agarwal, partner at TPG. “Veeam understands the trend toward migration to the cloud and is poised to gain share with their new cloud-first offerings.”

Insight Partners Retains Leadership Stake

Insight Partners, which remains Veeam’s largest shareholder, expressed optimism about the company’s continued trajectory.

“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. “We look forward to continued success together as Veeam embarks on the next wave of growth with its recently introduced cloud-first offerings.”

Market Leadership and Financial Momentum

Based in Seattle, Veeam Software provides cutting-edge cybersecurity solutions designed to protect corporate data systems against cyber threats. Its customer base exceeds 550,000 organizations worldwide. As of September, Veeam reported $1.7 billion in annualized recurring revenue, underscoring its position as a market leader.

TPG, headquartered in San Francisco, manages $239 billion in assets globally, reinforcing its ability to support Veeam’s ambitious growth plans.

The strategic partnership aligns with Veeam’s mission to address the increasing demand for flexible, cloud-first data protection solutions as organizations accelerate their digital transformation efforts.