Cohesity and Veritas have confirmed a ‘definitive agreement’ under which Cohesity intends to combine with Veritas’ data protection business, which will be carved out of Veritas, to create a new leader in data security and management.
Together, the companies will target a total addressable market (TAM) of over $30 billion. This figure includes the data replication and protection software market, estimated to be $12.2 billion in 2024 by IDC1.
Sanjay Poonen will lead the combined organization as CEO and President. Greg Hughes, CEO of Veritas, will serve as a Board member and strategic advisor to Sanjay Poonen after the close of the transaction.
The combined company will bring together 100s of exabytes of data protected, a global go-to-market footprint, high penetration in the enterprise with 96 of the Fortune 100 and 80% of the Global 500 and a strong partner ecosystem across all segments of cloud service providers, security players, VARs, system integrators and hardware OEMs.
“This deal will combine Cohesity’s speed and innovation with Veritas’ global presence and installed base. We will lead the next era of AI-powered data security and management by bringing together the best of both product portfolios,” said Poonen.
Hughes said: “Bringing Veritas’ differentiated cloud-native architecture to Cohesity’s strong innovation engine will ideally position us to offer our customers transformative solutions against cyber-attacks while delivering the flexibility and scalability required to thrive in the multicloud era.”
