Veritas Technologies and Cohesity are joining forces to become a larger provider of security and management offerings. The merger will enable increased investment in research and development, improved customer support, and expanded partnerships. Combined pro forma annual revenue is estimated at $1.6 billion, of which $1.3 billion is recurring, and the valuation is projected to be $7 billion.
Sanjay Poonen, CEO of Cohesiti, will continue in his role, while Veritas CEO Greg Hughes will join the board of directors. Veritas’ customer base in the federal government includes the Departments of Defense, Justice and Transportation, as well as the Navy and the Defense Information Systems Agency. These entities have adopted Veritas products.
The parts of Veritas that are not merging with Cohesity, including the InfoScale, Data Compliance and Backup Executive businesses, will form an as-yet-unnamed business and operate autonomously. All parties involved anticipate that the merger will be completed before the end of 2024.