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 data resilience company founded in 2006 by Ratmir Timashev and Andrei Baronov, headquartered in Kirkland, Washington with a large operation in Baar, Switzerland. It sells backup, recovery and data-portability software for virtual, physical, cloud and Kubernetes workloads, and for SaaS applications such as Microsoft 365. Its products are licensed to enterprises of all sizes and delivered through a worldwide network of resellers, service providers and cloud partners, with revenue from subscription licences. Veeam has extended its platform through acquisitions in Kubernetes backup, cloud-native backup, ransomware negotiation and recovery, and data security. Insight Partners acquired a majority of the company in 2020, and the company has since built out cyber-resilience and data-security capabilities alongside its core backup business.


Founded

2006

HQ

United StatesKirkland, WA

Website

veeam.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$1.7B (Feb 2025)

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 $500M across 3 funding rounds.

On 9 January 2020 Insight Partners announced a definitive agreement to acquire Veeam Software, the Baar, Switzerland-based backup and cloud data management vendor, in a transaction valued at approximately $5 billion. Insight had first taken a minority stake in 2013 and had led a $500 million investment in January 2019; the buyout bought out the remaining holders, including the founders Ratmir Timashev and Andrei Baronov, who left their board seats. The acquisition closed on 2 March 2020. Under Insight's ownership Veeam became a US company with a US-based leadership team, and William H. Largent became chief executive; the corporate headquarters moved to Columbus, Ohio. At the time Veeam reported more than $1 billion of annual sales, over 365,000 customers in more than 160 countries, and a channel of some 70,000 partners, and it stated that it was growing organically at double-digit rates. Insight said it would use the platform to accelerate expansion in the US market and pursue acquisitions in cloud data management. The deal was one of the largest software buyouts of a founder-owned company at the time.

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

Sources: veeam.com, veeam.com

Veeam Software Valuation

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

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 strategic investment round in February 2025.

Revenue grew from $1B in January 2019 to $1.7B in February 2025.

Veeam Software revenue by funding round

Veeam Software revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2025$1.7B--Strategic investment
Dec 2024$1.7B$15B8.8xSecondary
Jan 2019$1B--Undisclosed stage

* 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 $500M across 3 funding rounds, plus 1 secondary share sale.

Veeam Software's first fundraising round was a undisclosed-stage round in July 2013. The most recent completed round was a strategic investment round in February 2025.

Veeam Software funding rounds

Veeam Software funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2025Strategic investmentMicrosoft (lead)--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.
Jul 2013Undisclosed stageInsight Partners (lead)--In July 2013 Veeam Software, the Baar, Switzerland-based provider of backup, replication and virtualisation-management software for VMware vSphere and Microsoft Hyper-V environments, announced that Insight Venture Partners had acquired a minority stake in the company. The amount of the transaction was not disclosed. As part of the agreement Insight managing director Michael Triplett joined Veeam's board of directors, and Veeam described Insight as a strategic business partner that would help it identify and exploit new growth opportunities in systems management, virtualisation and security. Veeam had been founded in 2006 by Ratmir Timashev and Andrei Baronov, who had earlier sold their previous company, Aelita Software, to Quest Software in 2004, and it had grown entirely organically to more than 80,000 customers and rapidly rising bookings by 2013 without prior outside capital. The 2013 investment began a long relationship: Insight led a $500 million investment in Veeam in January 2019 and acquired the whole company for about $5 billion in a transaction completed in March 2020, after which Veeam moved its headquarters to the United States.

Who has invested in Veeam Software?

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

Lead investors include Microsoft, TPG and Insight Partners.


Veeam Software Investors

Investors in Veeam Software by funding rounds participated
InvestorHQRoundsRoleFirst check
Insight PartnersUnited StatesNew York City, NY2LeadJul 2013
TemasekSingaporeSingapore1ParticipantDec 2024
MicrosoftUnited StatesRedmond, WA1LeadFeb 2025
Neuberger BermanUnited StatesNew York City, NY1ParticipantDec 2024

This data is available for Pro users. Sign up to see all 6 Veeam Software investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

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

This data is available for Pro users. Sign up to see all Veeam Software acquisitions and their M&A valuation multiples.

Start Free Trial

Investments by Veeam Software

Veeam Software has invested in 1 company to date.

Latest investment by Veeam Software was on September 19th 2023. Veeam Software invested in Alcion in their $21M Series A round.


Latest Investments by Veeam Software

Alcion
Description
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 States
HQ City
San Jose, CA
Deal Date19 Sep 2023
RoundSeries A
Raised$21M
InvestorsAmarjit Gill; Abhinav Asthana; Debanjan Saha; Lip-Bu Tan
Valuationundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all Veeam Software investments and their VC round multiples.

Start Free Trial

Veeam Software Competitors

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

Public and private companies comparable to Veeam Software
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DynatraceUnited StatesUnited StatesPublicly listed$2B$276M$12B5.4x
CommVault SystemsUnited StatesUnited StatesPublicly listed$1.2B$84M$6.5B5.2x
DatadogUnited StatesUnited StatesPublicly listed$3.4B($588K)$65B13.9x
ClickHouseUnited StatesSan Francisco, CAPrivate$160M-$15B93.8x
NutanixUnited StatesUnited StatesPublicly listed$2.9B$333M$16B5.1x
NinjaOneUnited StatesAustin, TXPrivate$500M-$12B24.6x

Veeam Software Public Comps

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

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Nutanix$2.9B$333M5.3x5.1x45.3x19.4x
Dynatrace$2B$276M5.9x5.4x43.1x18.2x
Elastic$1.7B$35M4.7x4.3x235.7x23.6x
Oracle Corp Japan$1.8B$579M4.1x4.0x12.9x12.3x
CommVault Systems$1.2B$84M5.5x5.2x77.0x23.8x
Open Text$5.2B$1.8B2.1x2.1x6.3x6.1x
MongoDB$2.5B($104M)9.3x7.9x(219.9x)36.8x
Dameng Database$196M$84M14.1x11.3x32.6x27.8x

This data is available for Pro users. Sign up to see all Veeam Software competitors and their valuation data.

Start Free Trial

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 Kirkland, WA, 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 $500M across 3 funding rounds.
What was Veeam Software's last funding round?Veeam Software's last funding round was a strategic investment round in February 2025, led by Microsoft.
Who are Veeam Software's investors?Veeam Software's investors include Insight Partners, Temasek, Microsoft, Neuberger Berman, CPP Investments and TPG.
What is Veeam Software's revenue?Veeam Software's latest recorded revenue is $1.7B (February 2025).
Which companies are comparable to Veeam Software?Companies comparable to Veeam Software include Dynatrace, CommVault Systems, Datadog, ClickHouse, Nutanix and NinjaOne.
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 1 company, including Alcion.
What was Veeam Software's last investment?In September 2023, Veeam Software invested in Alcion's $21M Series A alongside Amarjit Gill, Abhinav Asthana, Debanjan Saha and 1 other investor.

See companies similar to Veeam Software

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial