industry news
Cohesity and Veritas data protection businesses to merge
Cohesity, an AI-powered data security and management company, and Veritas, a multicloud data recovery company, announced that they will merge by the end of 2024, pending regulatory approvals and other closing conditions, the companies said in recent releases. mentioned in.
The merger is expected to value the combined company at $7 billion. Cohesity will finance its portion through a combination of equity and debt, and Veritas will finance its portion through an existing debt exchange offer or other transaction. Cohesity CEO Sanjay Poonen will lead the new combined company as CEO, and Veritas CEO Greg Hughes will serve as a director and advisor to Poonen.
Both companies commented on the merits of the merger as follows:
- Global expansion of services to over 10,000 combined customers.
- Hundreds of exabytes of data are protected.
- A strong partner ecosystem across clouds with Veritas' cloud-native architecture and Cohesity's innovation engine.and
- We will continue to invest in and advance both companies' existing services and products for years to come, while developing future roadmap products and integrated solutions.
Both CEOs reiterated their companies' goals through the merger.
“We are deeply committed to our mission of protecting the world's data,” Poonen said. “This agreement combines Cohesity's speed and innovation with Veritas' global presence and installed base.”
“Veritas and Cohesity share a common vision to help enterprises protect critical data assets in the face of evolving cyber threats and complex hybrid cloud environments,” Hughes said. “Delivering innovative solutions to cyber-attacks, while at the same time providing the flexibility and scalability needed to succeed in the multi-cloud era.”
For more information about the proposed merger, please see the announcement on Cohesity's releases page.
About the author
Kate Lucariello is a former newspaper editor, high school teacher at EAST Lab, and college English teacher.
