Cohesity acquires Veritas’ data protection arm for ultimate tech partnership

[TLDR: Cohesity will acquire Veritas’ data protection business, creating a combined entity worth $7 billion. Cohesity will continue to invest in and advance its own products and services, as well as Veritas’ offerings.]

Data security firm Cohesity has announced plans to acquire Veritas’ data protection business, forming a combined company worth approximately $7bn. Cohesity intends to continue investing in both its own products and services, as well as Veritas’ offerings. Under the leadership of Cohesity’s current CEO and president, Sanjay Poonen, the combined entity had revenues of over $1.6bn and an annual recurring revenue of $1.3bn as of July 2023. The transaction is expected to close by the end of 2024, funded through a combination of equity and debt. Remaining Veritas assets, forming a new company called DataCo, will be led by Lawrence Wong.