SAN JOSE, Calif. & SANTA CLARA, Calif. - Cohesity and Veritas, two prominent players in data security and management, today announced a definitive agreement. The agreement outlines Cohesity's intention to combine with Veritas' data protection business, which will be spun off from Veritas, to create a new leader in data security and management.
This strategic alignment will provide customers with a number of benefits, including accelerated innovation through the combined company's increased investment in research and development. Customers can also expect continued robust support for their success and access to one of the broadest partner ecosystems in the industry.
Sanjay Poonen has been named CEO and President of the combined organization. Greg Hughes, Veritas' current CEO, will transition to a role as a board member and strategic advisor to Poonen upon completion of the transaction.
In today's environment, protecting data and gaining insight from it are critical objectives for IT professionals and board members alike. With the escalating threat of ransomware, the need for a cyber resilience strategy is paramount. In addition, there is a unique opportunity for technology and business leaders to harness the potential of generative AI for data-driven insights to unlock new levels of efficiency, innovation and growth.
The combined efforts of Cohesity and Veritas are positioned to directly address these pressing challenges. The combined company will offer enterprises a comprehensive suite of data protection solutions with an easy-to-use experience and a hyperconverged platform that delivers high performance and centralized management.
This collaboration will create a new leader in data protection and management, with a breadth of product offerings to help customers meet their data protection and insight needs. The combined company will leverage its vast resources, including protection for hundreds of exabytes of data, a global go-to-market footprint, and significant enterprise penetration with presence in 96 of the Fortune 100 and 80% of the Global 500.
Sanjay Poonen, president and CEO of Cohesity, expressed enthusiasm for the combination, highlighting the alignment of Cohesity's innovative capabilities with Veritas' global reach and established customer base. Poonen emphasized the potential for the combined company to lead the next era of AI-powered data security and management, ultimately benefiting the combined base of customers and partners.
The combination of Cohesity and Veritas heralds a new chapter in data security and management, marked by increased innovation, expanded offerings and enhanced customer support.
