Veeam Software, which recently relocated its HQ to the Seattle area, reaches $15B valuation

Veeam Software, a leading data protection and ransomware recovery company, announced that it is now valued at $15 billion following a $2 billion secondary share sale.

The secondary sale was led by TPG, with participation from Temasek, Neuberger Berman Capital Solutions, and other investors. It is expected to close in Q1 2025.

Veeam serves 77% of the Fortune 500 and more than 550,000 organizations that use its software for data protection and backup amid the rise of ransomware and other cyber threats.

The company said it reached $1.7 billion in annual recurring revenue as of September, up 18% year-over-year.

In a report last year, IDC ranked Veeam as the top company in data replication and protection by market share, ahead of competitors including Dell, IBM, Veritas, Commvault, and others.

Veeam earlier this year relocated its headquarters from Ohio to Kirkland, Wash., drawn by the close proximity of the major cloud providers and the deep pool of technical talent.

Veeam moved its headquarters from Switzerland to the U.S. following its March 2020 acquisition by private equity firm Insight Partners — a deal that valued the company at $5 billion.

The company has 80 employees in the Seattle region.

Founded in 2006, Veeam has more than 5,000 employees globally, in 50 countries, with U.S. offices in Ohio, New York, Georgia and Arizona.

Veeam CEO Anand Eswaran, who joined the company in December 2021, previously worked in the Seattle area as the corporate vice president of Microsoft Enterprise. He was most recently president at RingCentral.

Other key execs based in Kirkland include Matthew Bishop, chief operating officer, who was previously a Microsoft corporate vice president of worldwide commercial strategy and operations, and chief digital officer at RingCentral.

Veeam sponsors the Seattle Orcas, the region’s new Major League Cricket franchise.