Cohesity and Veritas announced a definitive agreement to combine their data protection businesses, creating a new leader in AI-powered data security and management. The joint company aims to offer accelerated innovations, superior customer support, and a comprehensive partner ecosystem.
Sanjay Poonen, currently the President and CEO of Cohesity, will lead the combined organization, with Greg Hughes, CEO of Veritas, serving as a Board member and strategic advisor. The merger aims to address the increasing need for data protection and insights in the face of cyber threats and the growing demand for generative AI applications.
The combined innovations of Cohesity and Veritas will result in a multicloud data protection portfolio featuring a user-friendly experience and a centrally-managed hyperconverged platform. With an extensive global footprint, a strong presence in Fortune 100 companies and the Global 500, and a wide-ranging partner ecosystem, the new leader in data security and management will provide various product offerings to meet the diverse needs of customers.
Both Cohesity and Veritas are committed to investing in and advancing their respective product roadmaps and strategies. The combined company will continue to support all Cohesity and Veritas products, while working towards delivering an integrated solution that incorporates the best technologies from both companies.
Sanjay Poonen expressed excitement about the transformative potential of the merger, highlighting the benefits it will bring to existing customers and partners. Greg Hughes emphasized the shared vision of empowering businesses to protect critical data assets and thrive in the multicloud era.
Industry experts have also commented on the combination, expressing optimism about the joint company’s ability to provide enhanced security, advanced data management capabilities, and innovative solutions for customers.
The merger between Cohesity and Veritas will target a total addressable market of over $30 billion, including the data replication and protection software market estimated to reach $12.2 billion in 2024. Through the expanded go-to-market opportunities, global reach, and increased R&D resources, the combined company aims to accelerate customer adoption and offer cutting-edge solutions in the fast-growing data security and management segment.
By bringing together the strengths of both companies, the merger will provide customers with increased resources for technology innovation, greater scale, and access to best-in-class tools and services for data safeguarding.
In conclusion, the combination of Cohesity and Veritas will create a new leader in AI-powered data security and management, offering customers comprehensive solutions, global support, and continuous advancements in the field. As the digital landscape evolves and cyber threats continue to rise, the joint company is positioned to provide cutting-edge technologies and unparalleled expertise to meet the data protection and management needs of organizations worldwide.
