TPG has led a $2bn secondary investment in Veeam Software, a global specialist in data resilience solutions, alongside investors Temasek, Neuberger Berman Capital Solutions, and others, valuing the business at $15bn, according to a report by Alternatives Watch.
The deal, which will see Insight Partners remain as Veeam’s largest shareholder, is expected to close in the first quarter of 2025, pending regulatory approvals.
Founded in Russia in 2006 and now headquartered in Seattle, Veeam serves over 550,000 organisations worldwide. The company has evolved significantly from its early focus on virtualised environments to becoming a major provider of data protection services across multiple platforms, including AWS, Azure, Google Cloud, and Microsoft 365. Veeam offers its solutions through as-a-service models and partnerships with cloud service providers.
TPG’s involvement will be funded through its Tech Adjacencies strategy, which raised $3.4bn in 2023 to provide flexible capital for tech companies, and its newly launched Hybrid Solutions initiative, a collaboration between TPG’s Private Equity and Credit Solutions teams.
Insight became a minority investor in Veeam in 2013 and took a majority stake in 2020 in a deal that valued the company at $5bn, facilitating its headquarters move to the US.
