Data security firm Cohesity will buy Veritas' data protection business, the two firms announced Jan. 8th, creating a data security and management giant valued at roughly $7 billion.
Sanjay Poonen, the current CEO and President at Cohesity, will lead the combined entity, which on a pro forma basis for the fiscal year ending July 2023, had revenues of over $1.6 billion, annual recurring revenue of $1.3 billion, and a 27 percent adjusted cash EBITDA margin.
The transaction is expected to close by the end of 2024, and Cohesity said it would finance the transaction through a combination of equity and debt.
The remaining assets of Veritas' businesses will form a separate company to be called DataCo, the announcement said, which will be led by Lawrence Wong, currently Senior Vice President of Strategy and Products at Veritas, with a product portfolio including Veritas' InfoScale, Data Compliance, and Backup Exec.
Greg Hughes, CEO of Veritas, will serve as a Board member and strategic advisor to Sanjay Poonen after the close of the transaction.
This Cyber News was published on www.securityweek.com. Publication date: Sun, 11 Feb 2024 12:43:04 +0000