Veeam Software Acquisition, Valuation, Funding & Investors

Veeam Software was acquired by Insight Partners for $5B in January 2020, a 5.6x multiple on $890M of revenue.

Veeam Software acquisition price

$5B

Acquired by Insight Partners · Jan 2020

Veeam Software revenue at acquisition

$890M

Last twelve months · Jan 2020

Veeam Software revenue multiple at acquisition

5.6x

EV/Revenue · Jan 2020

Veeam Software EBITDA multiple at acquisition

29.1x

EV/EBITDA · Jan 2020

Veeam Software Overview

About Veeam Software

Veeam Software is a provider of backup, disaster recovery, and data management solutions for virtual, physical, and cloud environments. Baar, Switzerland-headquartered, it supports VMware vSphere, Microsoft Hyper-V, AWS, Azure, and Google Cloud platforms through its Veeam Data Platform. The company protects over 18 million workloads worldwide and partners with Dell, HPE, and Lenovo. Veeam expanded ransomware recovery capabilities in 2024 with immutable backups and AI-driven threat detection.


Founded

2006

HQ

United StatesColumbus, OH

Website

veeam.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$1.7B (Dec 2024)

Valuation

$15B (Dec 2024)

Veeam Software Acquisition

Veeam Software was acquired by Insight Partners for $5B on 9 January 2020.

The acquisition price implies a 5.6x revenue and 29.1x EBITDA multiple on $890M of revenue.

Before the acquisition Veeam Software had raised $510M across 2 funding rounds.

Veeam Software acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Insight Partners
9 Jan 2020PE buyout$5B5.6x29.1x

Veeam Software Valuation

Veeam Software is currently valued at $15B, based on its secondary sale in December 2024.

The $2B round was led by TPG, with participation from Temasek and Neuberger Berman.

Veeam Software valuation by funding round

Veeam Software valuation by funding round
DateStageValuationRevenue Multiple
Dec 2024Secondary$15B8.8x

Veeam Software Revenue

Veeam Software's latest recorded revenue is $1.7B, as of its secondary sale in December 2024. At a $15B valuation, that implies a 8.8x revenue multiple.

Veeam Software revenue by funding round

Veeam Software revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2024$1.7B$15B8.8xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Veeam Software Funding History

Veeam Software has raised a total of $510M across 2 funding rounds, plus 1 secondary share sale.

Veeam Software's first fundraising round was a $500M undisclosed-stage round in January 2019. The most recent completed round was a $10M strategic investment round in February 2025.

Veeam Software funding rounds

Veeam Software funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2025Strategic investmentMicrosoft (lead)$10M-Veeam Software, the #1 global leader in data resilience by market share, provides backup, recovery, and data management solutions protecting over 550,000 customers worldwide, including most Fortune 500 and Global 2000 companies. Its products include Veeam Data Cloud for Microsoft 365, safeguarding over 23.5 million users, and Veeam Data Cloud Vault for secure offsite backups in Microsoft Azure. On February 25, 2025, Veeam announced an expanded partnership with Microsoft, including an equity investment from Microsoft (amount approximately $10 million). The investment supports R&D, design collaboration, and integration of Microsoft AI services like machine learning to enhance threat detection, automated recovery, and data insights in Veeam's platform. Veeam recorded $1.7 billion in annual recurring revenue as of September, with 18% year-over-year growth. Veeam Data Cloud and BaaS expected to reach $50 million in ARR by end of 2024. A prior $2 billion secondary sale in December 2024, led by TPG, valued Veeam at $15 billion post-money. Funds from recent activities support R&D expansion, potential acquisitions in AI and data resilience, and IPO preparation.
Dec 2024SecondaryTPG (lead); Temasek; Neuberger Berman$2B$15BVeeam Software is a data resilience leader providing backup, recovery, and data protection solutions for over 550,000 customers, including 77% of the Fortune 500, across 150+ countries. The company serves 34,000+ partners and protects 150 workloads spanning SaaS to AI for enterprises like Shell and Deloitte. On December 4, 2024, Veeam announced a $2 billion oversubscribed secondary share sale valuing the company at $15 billion USD. TPG led the investment with participation from Temasek, Neuberger Berman Capital Solutions, and others, managed by Morgan Stanley. The transaction, closing in Q1 2025, provides liquidity to early investors and employees while strengthening the cap table ahead of a potential IPO. Veeam reported $1.7 billion in annualized recurring revenue as of September 2024, growing 18% year-over-year, with 31% YoY growth in software and SaaS subscriptions and 129% subscription net dollar retention from enterprise sales. The company achieved 29-30% EBITDA margins, exceeding the Rule of 40, and expects to end 2024 with over $1.7 billion ARR, including $50 million from Veeam Data Cloud and BaaS. Previously acquired by Insight Partners for $5 billion in January 2020, Veeam has tripled its valuation in this round. With 4,500+ employees, it plans to expand R&D, pursue acquisitions, and grow cloud-first offerings amid rising AI-driven data risks and cyber threats.
Jan 2019Undisclosed stageInsight Partners (lead); CPP Investments$500M-Veeam Software, a Switzerland-based leader in backup and intelligent data management solutions for public and private clouds, announced on January 16, 2019, that Insight Venture Partners invested $500 million, with strong participation from Canada Pension Plan Investment Board (CPP Investments, also referred to as CPPIB). This funding aimed to accelerate Veeam's next growth phase through organic expansion, product development, global reach, and M&A activities, particularly in cloud management, data management, AI, and machine learning. At the time, Veeam was one of the largest privately held software companies, reporting approximately $1 billion in sales, over 325,000 customers (adding 50,000 annually), 60,000 partners, and reliance from 82% of the Fortune 500. The investment built on Insight's prior minority stake from 2013, providing strategic counsel and leveraging Insight Onsite for business strategy. Veeam had grown organically over 12 years in a $30 billion annual enterprise cloud data management market, positioning itself as the top provider. Co-founders Ratmir Timashev and Andrei Baronov highlighted Insight's long-term advisory role since their earlier venture sold to Quest Software in 2004. Insight Partners, as lead, aimed to drive U.S. market expansion, where Veeam sought to extend its EMEA dominance (50% of business). This 2019 round enabled innovations like Veeam Availability Suite v10 and positioned Veeam for hybrid cloud leadership.

Who has invested in Veeam Software?

6 investors have backed Veeam Software across its funding rounds, including Insight Partners, Temasek, TPG, Microsoft, CPP Investments and Neuberger Berman.

Lead investors include Microsoft, TPG and Insight Partners.


Veeam Software Investors

Investors in Veeam Software by funding rounds participated
InvestorHQRoundsRoleFirst check
TemasekSingaporeSingapore1ParticipantDec 2024
MicrosoftUnited StatesSeattle, WA1LeadFeb 2025
Neuberger BermanUnited StatesNew York City, NY1ParticipantDec 2024
CPP InvestmentsCanadaToronto1ParticipantJan 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Veeam Software

Veeam Software has acquired 6 companies to date.

Last acquisition by Veeam Software was on January 14th 2026. Veeam Software acquired Object First for undisclosed valuation.


Latest Acquisitions by Veeam Software

Object First
Securiti
Alcion
Coveware
Description
Object First is a backup storage provider delivering ransomware-proof, immutable appliances optimized for Veeam, featuring quick deployment and high-performance object storage technology.
Securiti is a data security platform offering the Data Command Center for governance, privacy, and compliance across hybrid multicloud setups. San Jose-headquartered since 2019, it unifies data intelligence with automated controls for GenAI usage in AWS, Azure, and Google Cloud. Global enterprises like Mastercard and Broadcom rely on Securiti for DSPM and DLP features. The company earned recognition as a Leader in Forrester's Privacy Management Wave and Gartner's Cool Vendor in Data Security, processing petabytes of data daily for over 300 customers.
Alcion is a Boston-headquartered cybersecurity firm specializing in AI-driven data protection against ransomware, malware, outages, and accidents. Its platform automates backup, recovery, and threat detection for enterprises.
Coveware is a Stamford-based cybersecurity firm specializing in ransomware incident response. It negotiates with threat actors, facilitates payments when necessary, and provides forensic analysis for enterprises hit by attacks from groups like LockBit and Conti. Coveware publishes quarterly ransomware market reports tracking trends and recovery costs, serving Fortune 500 clients in healthcare, finance, and manufacturing with decryption tools and insurance claim support.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
-
San Jose, CA
San Jose, CA
Westport, CT
Deal Date14 Jan 202621 Oct 202518 Sep 202423 Apr 2024
Valuationundisclosed$1.7Bundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Veeam Software

Veeam Software has invested in 2 companies to date.

Latest investment by Veeam Software was on March 31st 2026. Veeam Software invested in Acclaim AI in their $40M Series A round.


Latest Investments by Veeam Software

Acclaim AI
Alcion
Description
Acclaim AI provides AI-powered virtual employees and automation solutions for enterprise operations.
Alcion is a Boston-headquartered cybersecurity firm specializing in AI-driven data protection against ransomware, malware, outages, and accidents. Its platform automates backup, recovery, and threat detection for enterprises.
HQ CountryUnited KingdomUnited States
HQ City
London
San Jose, CA
Deal Date31 Mar 202619 Sep 2023
RoundSeries ASeries A
Raised$40M$21M
Investors-Amarjit Gill; Abhinav Asthana; Debanjan Saha; Lip-Bu Tan
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Veeam Software Competitors

Veeam Software competitors include listed companies like Dynatrace, CommVault Systems and Datadog, and private ones like ClickHouse, NinjaOne and Cyera.

Public and private companies comparable to Veeam Software
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DynatraceUnited StatesUnited StatesPublicly listed$2B$276M$16B7.0x
CommVault SystemsUnited StatesUnited StatesPublicly listed$1.2B$84M$6.2B5.0x
DatadogUnited StatesUnited StatesPublicly listed$3.4B($588K)$85B19.4x
ClickHouseUnited StatesSan Francisco, CAPrivate$160M-$15B93.8x
NinjaOneUnited StatesAustin, TXPrivate$600M-$12B20.5x
CyeraUnited StatesNew York City, NYPrivate$150M-$12B80.0x

Veeam Software Public Comps

Veeam Software is no longer listed, but its public comps include Dynatrace, Nutanix, Elastic, Oracle Corp Japan, CommVault Systems, Open Text, Xunce Technology, Dameng Database, Freshworks and Teradata.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Dynatrace$2B$276M7.5x7.0x55.0x23.0x
Nutanix$2.5B$230M7.1x6.2x78.4x23.8x
Elastic$1.7B$35M4.9x4.6x244.4x25.5x
Oracle Corp Japan$1.8B$589M3.9x3.9x12.1x12.2x
CommVault Systems$1.2B$84M5.2x5.0x72.9x23.2x
Open Text$5.2B$1.8B2.1x2.1x6.1x5.8x
Xunce Technology$192M($15M)21.3x13.4x(264.0x)415.8x
Dameng Database$195M$84M15.3x12.5x35.5x27.6x

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Common questions about Veeam Software

When was Veeam Software founded?Veeam Software was founded in 2006.
Where is Veeam Software headquartered?Veeam Software is headquartered in Columbus, OH, United States.
Is Veeam Software publicly listed?No, Veeam Software was acquired by Insight Partners in January 2020.
Who acquired Veeam Software?Veeam Software was acquired by Insight Partners in January 2020.
How much was Veeam Software acquired for?Veeam Software was acquired for $5B in January 2020, a 5.6x revenue multiple.
What is Veeam Software's valuation?Veeam Software was last valued at $15B in its secondary sale in December 2024.
How much funding has Veeam Software raised?Veeam Software has raised $510M across 2 funding rounds.
What was Veeam Software's last funding round?Veeam Software's last funding round was a $10M strategic investment round in February 2025, led by Microsoft.
Who are Veeam Software's investors?Veeam Software's investors include Temasek, Microsoft, Neuberger Berman, CPP Investments, TPG and Insight Partners.
What is Veeam Software's revenue?Veeam Software's latest recorded revenue is $1.7B (December 2024).
What is Veeam Software's revenue multiple?Veeam Software's latest valuation implies a 8.8x revenue multiple ($15B valuation on $1.7B of revenue).
Which companies are comparable to Veeam Software?Companies comparable to Veeam Software include Dynatrace, CommVault Systems, Datadog, ClickHouse, NinjaOne and Cyera.
How many companies has Veeam Software acquired?Veeam Software has acquired 6 companies, including Object First, Securiti, Alcion, Coveware and Kasten.
What was the largest acquisition by Veeam Software?The $1.7B acquisition of Securiti in October 2025 is the largest acquisition Veeam Software has made to date.
How many companies has Veeam Software invested in?Veeam Software has invested in 2 companies, including Acclaim AI and Alcion.
What was Veeam Software's last investment?In March 2026, Veeam Software invested in Acclaim AI's $40M Series A.

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