Cohesity Finalizes Veritas Enterprise Data Protection Acquisition

Cohesity has closed its acquisition of Veritas' enterprise data protection business, making it one of the largest data protection providers in the world.

The company confirmed on Tuesday that it has wrapped the deal, bringing its company value up to an estimated $7 billion. The acquisition will allow Cohesity to provide services to a customer base of more than 12,000, including 85% of the Fortune 100 and 70% of the Global 500.

Cohesity's Sanjay Poonen

“Cohesity and Veritas are both innovative leaders in securing data, and that’s why this business combination is a win for the thousands of global organizations who rely on our platforms," Sanjay Poonen, Cohesity CEO said. "Together, we’re enhancing how businesses build resilience against rising cyber threats while enabling them to uncover actionable insights from their data. This collaboration underscores our focus on profitable growth to drive innovation, consolidate our leadership in the market, and deliver unparalleled value to our customers and partners. We’re excited about the possibilities and transformative impact this combination unlocks for those we serve.”

Cohesity Expands Enterprise Data Protection Deals

Cohesity initially announced the deal in February. The combined Cohesity-Veritas will continue to invest in all of Cohesity's products and services, as well as Veritas' NetBackup and appliances, and its Alta data protection products and services. The two companies say they will work toward an integrated solution that combines the best technology from both.

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Veritas was previously owned by private equity firm Carlyle Group, which acquired Veritas in 2016 from Symantec. The remaining Veritas assets will form a separate company with a focus on data compliance and backup services.

Cohesity was founded in 2013 and raised $1 billion from venture capital. Veritas, in contrast, was a part of Tolerant Systems but separated in 2015 through a $8 billion purchase by Carlyle Group.