Veeam, a US-based company specialising in data security and recovery, has seen its valuation surge following a recent secondary sale aimed at optimising its cap table ahead of an IPO.
The Insight Partners-backed firm announced it secured $2 billion through the sale. It was led by TPG, with participation from Temasek, Neuberger Berman Capital Solutions, and others. The deal, which is set to close in Q1 2025, values Veeam at $15 billion, a threefold increase since its acquisition by Insight Partners, which recently backed Elisity) for $5 billion in early 2020.
The company recorded $1.7 billion in annual recurring revenue as of September, with 18% year-over-year growth.
Eyes scalability
The newly secured $2 billion will support the expansion of the company’s research and development team and fund acquisitions as suitable opportunities emerge. Although the company lacks defined M&A targets, it is scouting for AI technology firms to enhance Veeam’s scalability, data resilience businesses covering untapped workloads, and companies with complementary or adjacent technologies.
From Russia to the US
Veeam was co-founded in 2006 by Ratmir Timashev and Andrei Baronov, two Russian entrepreneurs. Initially, its R&D team was based in Russia and it was headquartered in Switzerland. In 2020, Veeam was acquired by Insight Partners following which the company’s founders stepped down as members of the Board of Directors and moved its headquarters to the US under the leadership of current CEO Anand Eswaran.
Secure data resilience solution
Founded by Veeam specialises in data resilience and management solutions, helping organisations protect, recover, and optimise their data. Their platform focuses on secure backups, disaster recovery, and intelligent data insights. Veeam’s technology aims to ensure data is always protected, recoverable, and adaptable, enabling businesses to bounce forward from disruptions like ransomware and cyber threats, ultimately strengthening their operations and preparedness.
Launch of Veeam Data Platform v12.3
In a recent development, the company announced the availability of Veeam Data Platform v12.3. It encompasses three key objectives for enterprises: protecting identity and access management with support for backing up Microsoft Entra ID, powering proactive threat analysis with Recon Scanner and Veeam Threat Hunter, and utilising Generative AI to deliver more intelligent protection of enterprise data.
Veeam Data Platform v12.3 introduces innovative tools to strengthen cyber resilience, including:
- Recon Scanner provides proactive threat assessment technology, identifying adversary tactics, techniques, and procedures (TTPs) before a cyber-attack.
- IoC Tools Scanner enables organizations to be notified on the appearance of indicators of compromise (IoC) tools that are commonly used by cybercriminals including different techniques.
- Veeam Threat Hunter offers accelerated signature-based malware scanning, allowing organisations to cast a wider net and detect dormant threats in their backups, facilitating the rapid implementation of essential security measures to ensure business continuity.
The company’s tech covers 150 different workloads, spanning SaaS to AI, and its customers include large corporations like Shell and Deloitte as well as federal and local governments like the City of New Orleans.
The post Veeam hits $15B valuation in $2B secondary sale ahead of IPO appeared first on Tech Funding News.