In a landscape where protecting data and extracting meaningful insights are top priorities for IT professionals, the need for a robust cyber resilience strategy has become paramount. Addressing this concern, AI-powered data security and management solutions provider Cohesity has entered into an agreement with Veritas to acquire Veritas’ data protection business.
The agreement, valued at $7 billion, aims to create a new industry frontrunner that will offer a unique opportunity for technology and business executives to leverage generative AI for data-driven insights, fostering efficiency, innovation, and growth.
The deal will bring the following benefits:
1. Comprehensive Data Protection Portfolio: The joint venture between Cohesity and Veritas will result in a comprehensive multicloud data protection portfolio. Organizations will gain access to a range of cutting-edge solutions designed to address evolving data security and management challenges.
2. Accelerated Innovation: With increased research and development investments, the joint company will unlock accelerated innovations. This commitment to innovation ensures that customers will have access to the latest technologies and solutions to stay ahead of emerging threats and industry trends.
3. User-Friendly Experience: The collaboration promises a powerful, simple user experience for organizations. The high-performance hyperconverged platform, managed centrally, will enhance operational efficiency and simplify the complexities associated with data security and management.
4. Global Market Footprint: The combined entity boasts a global go-to-market footprint, providing organizations with expanded access to advanced data protection solutions. This global presence is crucial for businesses operating in diverse geographical locations, enabling them to benefit from a unified and standardized approach to data security.
5. Strong Partner Ecosystem: Leveraging one of the industry’s most extensive partner ecosystems, the joint venture will provide organizations with a network of support from cloud service providers, security players, value-added resellers (VARs), system integrators, and hardware original equipment manufacturers (OEMs). This ecosystem strengthens the overall offering and ensures a holistic approach to data protection.
6. Targeted Market Focus: With a focus on a Total Addressable Market (TAM) exceeding $30 billion, including the data replication and protection software market, the joint venture is strategically positioned to meet the diverse needs of organizations.
7. Financial Strength: On a pro forma basis for the fiscal year ending July 2023, the combined entity reported revenues of over $1.6 billion and an Annual Recurring Revenue (ARR) of $1.3 billion. This financial strength ensures stability and long-term viability, providing organizations with the confidence that the joint venture is well-equipped to support their data protection needs.
8. Long-Term Growth Opportunities: The collaboration is about long-term growth. Incremental product and geographic expansion opportunities will further augment the capabilities of the joint venture, ensuring that organizations can evolve alongside emerging technologies and industry demands.
9. Access to Best-in-Class Tools and Services: Organizations partnering with Cohesity and Veritas will have access to best-in-class tools and services. The commitment to advancing the roadmap and strategy of both companies’ products ensures that customers can continuously adopt the latest technologies and stay at the forefront of data security and management practices.