Veritas Technologies to Merge Data Business with Cohesity

Veritas Technologies and Cohesity to Join Forces in Merger and Create Larger Security and Management Provider

Veritas Technologies and Cohesity are joining forces to create a larger provider of security and management offerings. The two companies are highlighting the benefits of the merger, including 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.

The merger will bring together two complementary businesses that both focus on data protection and management. Sanjay Poonen, CEO of Cohesity, will continue in his role, while Veritas CEO Greg Hughes will become a member of the board of directors. Together, they will lead the combined company towards new heights in the industry.

Veritas’ user base in the federal government includes several key departments such as Defense, Justice, Transportation as well as Navy and Defense Information Systems Agency. These entities have adopted Veritas’ products and are looking forward to continuing their partnership with Cohesity.

The parts of Veritas that are not merging with Cohesity will form an as-yet-unnamed business unit that will function autonomously. This decision was made after careful consideration by all parties involved and is expected to create new opportunities for growth in other areas of the market.

All parties anticipate that the merger will be completed before the end of 2024, bringing together two strong companies focused on data protection and management into one larger entity that can better serve customers across industries worldwide.

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