Veritas Technologies and Cohesity announce data business merger agreement

Cohesity and Veritas Technologies Set to Merge in Data Protection Industry Mega-Deal

Cohesity and Veritas Technologies are set to merge, forming a larger provider of security and management offerings in the data protection business. The combined entity aims to increase investments in research and development, enhance customer support, and expand business partnerships.

Sanjay Poonen, the CEO of Cohesity, will continue to lead the new entity, while Veritas CEO Greg Hughes will join the board of directors. The two companies anticipate the new entity to generate a pro forma annual revenue of $1.6 billion, with $1.3 billion of it being recurring. The valuation of the combined entity is estimated at $7 billion.

Veritas Technologies has a strong user base in the federal government, including the Defense, Justice, and Transportation departments, as well as the Navy and Defense Information Systems Agency. However, certain parts of Veritas will not be included in the merger. These components will form a separate business entity and operate autonomously.

The merger is expected to be finalized before the end of 2024.

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