Cohesity and Veritas Technologies have announced their plans to merge, forming a larger provider of security and management offerings. The two companies are excited about the merger, as it will allow for increased research-and-development investments, improved customer support, and expanded partnerships.
The combined pro forma annual revenue is estimated to be $1.6 billion, with $1.3 billion of it recurring, and the valuation is projected to be $7 billion. Sanjay Poonen, CEO of Cohesity, will continue in his role, while Veritas CEO Greg Hughes will become a member of the board of directors.
Veritas’ user base in the federal government includes the Defense, Justice, and Transportation departments, as well as the Navy and 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 Exec businesses, will form an as-yet-unnamed business and will function autonomously.
All parties involved anticipate that the merger will be completed before the end of 2024.