Cohesity will acquire the data protection business from Veritas, creating a data security and management giant valued at $7bn.
The combined organisation will offer a multi-cloud data protection portfolio and will use its new scale to accelerate innovation across cloud, security, and AI capabilities.
Sanjay Poonen will lead the combined organisation as CEO and President. Greg Hughes, CEO of Veritas, will serve as a Board member and strategic advisor.
Poonen said: “This deal will combine Cohesity’s speed and innovation with Veritas’ global presence and installed base.”
Greg Hughes (pictured), CEO of Veritas, added: “This deal will position us to offer our customers transformative solutions against cyber-attacks while delivering the flexibility and scalability required to thrive in the multicloud era.”
On a pro forma basis for the fiscal year ending July 2023, the combined entity had revenues of over $1.6bn, ARR of $1.3bn, and a 27 percent adjusted cash EBITDA margin.