Open Menu Close Menu

Industry News

Cohesity and Veritas Data Protection Businesses to Merge

AI-powered data security and management company Cohesity and multicloud data resilience company Veritas have announced a merger to take place by the end of 2024, pending regulatory approval and other closing conditions, they said in recent releases.

The merger is expected to value the combined company at $7 billion. Cohesity will finance its part through a combination of equity and debt, and Veritas through exchange offers and other transactions on its existing debt. Cohesity CEO Sanjay Poonen will head the new combined company as CEO, with Veritas CEO Greg Hughes serving as board member and advisor to Poonen.

Advantages of the merger, the two stated, are:

  • Global expansion of service to 10,000+ combined customers;
  • Hundreds of exabytes of data protected;
  • A strong partner ecosystem across the cloud, with Veritas' cloud-native architecture and Cohesity's innovation engine; and
  • Continued investment and advancement in both companies' existing services and products for years to come, while developing future roadmap offerings and an integrated solution.

Both CEOs reiterated their companies' goals with the merger.

"We are deeply committed to our mission to protect the world's data," said Poonen. "This deal will combine Cohesity's speed and innovation with Veritas' global presence and installed base."

"Veritas and Cohesity share a common vision of empowering businesses to protect their critical data assets in the face of evolving cyber threats and complex hybrid cloud environments," said Hughes, and emphasized that the merger should offer "transformative solutions against cyber attacks while delivering the flexibility and scalability required to thrive in the multicloud era."

For more information and details about the proposed merger, see the announcement on Cohesity's release page.

About the Author

Kate Lucariello is a former newspaper editor, EAST Lab high school teacher and college English teacher.

comments powered by Disqus