Cohesity and Veritas Technologies are joining forces to form a larger provider of security and management solutions. 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, 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, including the InfoScale, Data Compliance, and Backup Exec businesses, will form an as-yet-unnamed business and will function autonomously. All parties involved anticipate that the merger will be completed before the end of 2024.
Veritas Technologies is known for its data protection solutions that help businesses secure their data from cyber threats. By combining its offerings with Cohesity’s cloud-native data protection platform, Veritas aims to create a more comprehensive solution that can protect businesses from both traditional threats such as malware attacks and newer threats such as ransomware attacks.
Cohesity’s cloud-native platform allows for easy deployment across multiple cloud environments such as public cloud (e.g., AWS) or private cloud (e.g., VMware). This enables organizations to easily manage their data across different environments without having to worry about compatibility issues.
The merger between Veritas Technologies and Cohesity is expected to bring several benefits to customers such as improved scalability and flexibility in managing their data across different environments.
In addition to its federal government clients, Veritas also has a strong presence in other sectors such as healthcare and finance where sensitive data needs to be protected from unauthorized access or loss.
As more businesses move towards adopting cloud solutions for their data management needs, companies like Veritas Technologies are well positioned to benefit from this trend by providing comprehensive solutions that can protect businesses from various types of cyber threats.
Overall, the merger between Veritas Technologies and Cohesity is an exciting development that could lead to significant growth opportunities for both companies in the rapidly evolving market for data protection solutions.