(Reuters) – U.S. private equity firm Insight Partners has sold a $2 billion stake in cloud data company Veeam Software in a secondary sale valuing the Swiss firm at $15 billion, it said on Wednesday.
Veeam, which provides back up critical information on remote servers, has tripled its valuation from January 2020, when it was acquired by Insight Partners for $5 billion.
The transaction was led by TPG with participation from Temasek, Neuberger Berman Capital Solutions and other investors.
Insight Partners remains Veeam’s largest shareholder.
The deal highlights investor interest in companies providing critical data infrastructure, as a boom in data-intensive generative AI technology boosts demand for such services.
Secondary share sales also typically allow early investors and employees to cash out some of their stock holdings.
As of September, Veeam, which provides backups for Amazon Web Services and Microsoft Azure, generated $1.7 billion in annualized recurring revenue, up 18% year-over-year, the company said.
(Reporting by Arsheeya Bajwa in Bengaluru and Krystal Hu in New York; Editing by Vijay Kishore)
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