Veritas Carves Out Data Protection Business to Forge New Leader in Data Security and Management
Cohesity and Veritas are announcing their definitive agreement under which Cohesity intends to combine with Veritas’ data protection business, which will be carved out of Veritas, to create a new leader in data security and management.
This combination will be a win-win for our collective 10,000 customers and 3,000 partners, and I can’t wait to work with the Veritas team to bring our vision to life
Sanjay Poonen, President and CEO of Cohesity
Additionally, enclosed below are some of the key details:
- Customers will benefit from the accelerated innovations unlocked by the joint company’s scaled R&D investment, its unwavering support for customer success, and one of the industry’s most extensive partner ecosystems.
- Sanjay Poonen will lead the combined organization as CEO and President. Greg Hughes, CEO of Veritas, will serve as a Board member and strategic advisor to Sanjay Poonen after the close of the transaction.
- Protecting the world’s data and gaining insights from that data are top imperatives for IT practitioners all the way to board members. Given the rampant threat of ransomware, every organization needs a cyber resilience strategy. Furthermore, technology and business executives now have a unique opportunity to leverage the power of generative AI for data-driven insights to unleash new levels of efficiency, innovation, and growth.
- The combined innovations of Cohesity and Veritas will address these challenges directly, offering organizations a comprehensive, multicloud data protection portfolio with a powerful, simple user experience, and a high-performance, centrally-managed hyperconverged platform.
- This highly complementary combination will create a new leader in data security and management with numerous product offerings to help customers address their needs for data security and data insights. The combined company will bring together 100s of exabytes of data protected, a global go-to-market footprint, high penetration in the enterprise with 96 of the Fortune 100 and 80% of the Global 500, and a strong partner ecosystem across all segments of cloud service providers, security players, VARs, system integrators, and hardware OEMs.
“ We will lead the next era of AI-powered data security and management by bringing together the best of both product portfolios – Cohesity’s scale-out architecture ideally suited for modern workloads and strong Generative AI and security capabilities and Veritas’ broad workload support and significant global footprint, particularly in the Global 500 and large public sector agencies,” said Sanjay Poonen, President and CEO of Cohesity. “This combination will be a win-win for our collective 10,000 customers and 3,000 partners, and I can’t wait to work with the Veritas team to bring our vision to life.”