Veritas Technologies and Cohesity have announced a merger that will create a larger provider of security and management offerings. The two companies are emphasizing the benefits of the merger, which include 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.
As part of the merger, the parts of Veritas that are not merging with Cohesity will form an as-yet-unnamed business and will function autonomously. All parties involved anticipate that the merger will be completed before the end of 2024.
The merger between Veritas Technologies and Cohesity is expected to bring significant benefits to both companies. By combining their resources and expertise in data protection, security and management offerings, they can further enhance their product offerings and provide better service to their customers.
Veritas’ federal government user base is an important aspect of this deal as these entities rely on secure data protection solutions to maintain critical operations.
The merger also brings together two experienced executives who can work together to drive growth and success for their combined company.
Overall this merger presents an exciting opportunity for both companies to expand their reach into new markets while improving existing products and services.
With its focus on customer satisfaction, partnership expansion and research-and-development investments; this merged entity is well positioned to become a leader in data protection solutions for businesses across all sectors.