By Arsheeya Bajwa and Krystal Hu<br>
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Dec 4 (Reuters) - U.S. private equity firm Insight Partners has sold a $2 billion stake in cloud data company <br>
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Veeam Software in a secondary sale valuing the firm at <br>
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$15 billion, it said on Wednesday.<br>
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Veeam, a former Swiss firm now headquartered in Kirkland,<br>
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Washington, provides backup for critical information on remote servers.<br>
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It has tripled its valuation since January 2020, when it was acquired <br>
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by Insight Partners for $5 billion.<br>
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The transaction was led by TPG with participation from Temasek, Neuberger Berman Capital Solutions and other investors.<br>
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As of September, Veeam, which provides backups for Amazon Web Services and Microsoft Azure, generated $1.7 billion in annualized recurring revenue,<br>
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up 18% year on year, the company said. Two-thirds of its revenue comes <br>
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from subscriptions.<br>
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CEO Anand Eswaran said the secondary transaction allows the company to diversify its investor <br>
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base, and provides liquidity and capital source for future M&A.<br>
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The company aims at an eventual initial public offering (IPO) but no specific timeline has been discussed, according to Eswaran.<br>
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"We don't have to go public to raise money or liquidity. But being in the public markets is a good thing...There's no urgency, but it's clearly something we will do, and this secondary and inviting these blue-chip investors to be part of our journey is a key part of that next milestone," Eswaran said.<br>
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Insight Partners remains Veeam's largest shareholder.<br>
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The deal highlights investor interest in enterprise software companies <br>
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providing data infrastructure backup and security. Secondary share sales also typically allow <br>
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early investors and employees to cash out some of their <br>
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stock holdings.<br>
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(Reporting by Arsheeya Bajwa in Bengaluru and Krystal Hu in New York; editing <br>
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by Vijay Kishore and Jason Neely)<br>
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By Arsheeya Bajwa and Krystal