Cohesity, a leading data security and management firm, has announced its definitive agreement to acquire Veritas‘ data protection business, consolidating into a single entity valued at approximately $7 billion. Sanjay Poonen, current CEO of Cohesity, will lead the combined organization, with Greg Hughes, Veritas CEO, transitioning into a board role and strategic advisor position post-transaction.
The merger aims to spearhead the next phase of AI-driven data security and management, leveraging Cohesity’s scale-out architecture and Veritas’ global footprint. Together, they pledge to offer enhanced solutions for protecting data in modern workloads, public cloud, and on-premise environments.
The new company will prioritize customer satisfaction, with plans to support existing products while pursuing joint innovations. The transaction, set to conclude by the end of 2024, enjoys unanimous approval from both companies’ boards. Once finalized, the combined entity will boast a substantial global customer base.
According to Robert Swanson, VAST President “At VAST, we could not be more excited about this news of the combination of two great companies. Together they will form a dominant player in a data management, security, and protection space that is currently somewhat fragmented. Data Security, Cyber Resiliency, and AI are some of the most significant topics in corporate board rooms today. The innovation that we expect as a result of this addresses these critical technical areas of focus. As a leading Cohesity and Veritas partner, VAST can help you navigate this transformative merger and maximize the benefits for your organization. As an authorized support and services provider for both companies’ technologies, VAST is uniquely positioned in the market to help both customers and prospective customers alike. VAST has your back!”
More information on the Combined Company Product Strategy and Roadmap can be found here.
Contact VAST today for expert guidance on optimizing your data security and management strategy.