Cohesity, Veritas data protection business to combine, forming new leader in AI-powered data security, management

Cohesity, Veritas data protection business to combine, forming new leader in AI-powered data security, management

• Transforms business scale and opportunities with pro forma annual revenues of $1.6 billion and ARR of $1.3 billion. 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 organisation 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.

“We are deeply committed to our mission to protect the world’s data. This deal will combine Cohesity's speed and innovation with Veritas’ global presence and installed base.

“I believe customers could benefit from the combination of Cohesity’s simple and secure, high-performance platform and AI-enabled data insights together with Veritas' global footprint and cloud-native capabilities,” said Patrick Moorhead, Founder, CEO and Chief Analyst at Moor Insights and Strategy.

The combined company will receive support from current marquee investors, including Softbank Vision Fund, Sequoia Capital, Wing Venture Capital, Premji Invest and others. Existing Veritas shareholders, including majority owner Carlyle, will become Cohesity shareholders on the closing of the transaction. Patrick McCarter, Managing Director and Co-Head of Global Technology at Carlyle, will join the Cohesity Board of Directors after the close of the transaction.

Source: News Formal (newsformal.com)

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