Veritas Technologies and Cohesity are joining forces to create a larger provider of security and management offerings. The merger is expected to result in 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 has been a leading provider of data protection solutions for over three decades. With its innovative products and services, Veritas has helped organizations around the world protect their critical data from loss or theft. Cohesity is a fast-growing company that offers cloud-native data management solutions for modern enterprises.
The merger between these two companies is expected to bring together their complementary strengths in data protection and management. The combined entity will offer a wide range of security and management solutions that can help organizations protect their critical data from cyber threats.
In addition to bringing together their strengths in data protection and management, the merger is also expected to bring increased investment in research-and-development efforts. This investment will enable both companies to develop new products and services that can help organizations stay ahead of evolving threats.
Furthermore, the merger is expected to result in improved customer support for both companies’ customers. By combining their resources and expertise, they can provide better service to their clients and help them protect their critical data from cyber threats.