Cohesity and Veritas Technologies have announced their plans to merge their data protection businesses. The two companies are excited about the merger and believe it will allow them to offer more security and management solutions to their customers. They emphasize that the merger will enable 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.
Veritas’ InfoScale, Data Compliance, and Backup Exec businesses are not merging with Cohesity but will form an as-yet-unnamed business that will function autonomously. All parties involved anticipate that the merger will be completed before the end of 2024.
The two companies believe that this merger will help them expand their product offerings and reach new customers. They hope to provide a one-stop-shop for all data protection needs for their customers.
Cohesity has been a leader in data protection solutions for many years now. Their products are known for their scalability and ease of use. Veritas Technologies has also been providing data protection solutions for many years now. They have a strong presence in the federal government market segment.
The merger between these two companies is expected to create a larger provider of security and management offerings. With increased resources available for research-and-development investments, improved customer support, and expanded partnerships, this merger could prove to be very beneficial for both companies.
Overall, this merger is an exciting development in the world of data protection solutions. It shows how technology companies are constantly evolving to meet the changing needs of their customers.