Sat. Feb 24th, 2024
Veritas Technologies to Merge Data Business with Cohesity

Cohesity and Veritas Technologies are joining forces to create a new security and management powerhouse. The two companies emphasize that the merger will allow for increased research-and-development investments, improved customer support, and expanded partnerships. The combined pro forma annual revenue is estimated to be $1.6 billion, with $1.3 billion of it recurring, and the valuation is projected to be $7 billion.

Sanjay Poonen, CEO of Cohesity, will continue in his role as head of the merged company, while Veritas CEO Greg Hughes will become a member of the board of directors. Veritas’ user base in the federal government includes the Defense, Justice, and Transportation departments, as well as the Navy and Defense Information Systems Agency. These entities have adopted Veritas’ products.

The parts of Veritas that are not merging with Cohesity will form an as-yet-unnamed business and function autonomously. All parties involved anticipate that the merger will be completed before the end of 2024.

Veritas Technologies has announced its plans to combine its data protection business with Cohesity to create a larger provider of security and management offerings. The two companies emphasize that this merger will enable increased research-and-development investments, improved customer support, and expanded partnerships.

The combined pro forma annual revenue is estimated to be $1.6 billion, with $1.3 billion of it recurring, and the valuation is projected to be $7 billion.

Sanjay Poonen, CEO of Cohesity, will remain in his role as head of the merged company while Veritas CEO Greg Hughes joins the board of directors.

Veritas’ user base in the federal government includes various departments such as Defense Department, Justice Department, Transportation Department along with Navy and Defense Information Systems Agency which have adopted their products.

All parties expect this merger to be completed before ending 2024.

Veritas Technologies is combining its data protection business with Cohesity to expand their offerings for security and management solutions. This merger aims at providing more investment for research-and-development activities improving customer support services along with expanding partnerships opportunities.

The combined pro forma annual revenue is estimated at $1.6 billion with $1.3 billion being recurring while projecting valuation at $7 billion.

Sanjay Poonen remains as CEO for Cohesity while Greg Hughes joins Veritas board of directors.

Veritas’ user base includes several government agencies including Defense Department , Justice Department , Transportation Department among others who have adopted their products.

By Editor

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