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$2B secondary funding gives Veeam $15B valuation on path to IPO
- Veeam Software Group announced a new $2 billion investment with about the same valuation of Commvault Systems Inc. and Rubrik Inc. combined.
- The firm's valuation now stands at $15 billion.
- The oversubscribed funding round was led by TPG.
- TPG was joined by other investors including Temasek, & Neuberger Berman Capital Solutions.
- Having well-capitalized investors will help Veeam grow and become more profitable.
- The funding is a great validation as investors conducted a 'massive independent analysis' of the company before investing.
- Veeam's growth is attributed to four key reasons: a best-in-class product, the strength of its ecosystem, a unique balance of scale, growth and profitability, and the people who work there.
- Veeam expects to finish 2024 with more than $1.7 billion in annualized recurring revenue, 29% EBITDA, rapidly expanding enterprise sales, and 129% subscription net dollar retention from enterprise sales.
- Veeam is focused on delivering backup-as-a-service solutions through Veeam Data Cloud.
- Veeam's leadership is bullish on the capabilities of Veeam Data Cloud which should create the next wave of Veeam's growth.
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