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.
