Singapore – Cohesity, an AI-powered data security firm, has recently unveiled the completion of its merger with Veritas’ enterprise data protection business. This strategic move enables the firm to serve more than 12,000 customers and protect hundreds of exabytes of the world’s data.
With this integration now complete, the company provides the broadest workload support and one of the largest partner ecosystems in the data protection industry. It has also become the fastest data protection company to cross $1.5b in revenue, reaching a milestone in 11 years.
According to the firm, the combined further entity generated a total revenue of over $1.7b, annual recurring revenue (ARR) of $1.5 billion, and a 28% adjusted cash EBITDA margin.
Moreover, this initiative brings businesses industry-leading innovation and capabilities, given that it will offer cloud-scale and AI-powered data security and management, generative AI-driven insights, an easy-to-use management interface, and a comprehensive multicloud data protection portfolio.
It will also foster peace of mind for current customer investments as Cohesity continues to invest in and advance the roadmap and strategy for all products brought from both companies into the new combined portfolio.
This includes all existing Cohesity products and services and all the Veritas solutions covered by the combination agreement, including Veritas NetBackup, Veritas NetBackup appliances, and Veritas Alta data protection offerings.
Another significant benefit of this initiative encompasses global scale and support, with the company now supporting a combined global, “follow-the-sun” customer success organisation.
It also offers advanced AI capabilities that offer customers tremendous data management, protection, and resiliency benefits and help them gain more significant insights and create value for the whole company from their data.
Ultimately, the combined company brings together one of the industry’s largest partner ecosystems, covering cloud service providers, security players, VARs, system integrators, MSPs, technology ecosystem partners, distribution partners, and hardware OEMs.
Following this milestone, Sanjay Poonen, President and CEO at Cohesity, commented, “This is a major milestone in the 11-year history of Cohesity, whose mission is to protect, secure, and provide insights into the world’s data. By combining Cohesity’s scale-out architecture and strong generative AI and security capabilities with Veritas’ broad workload support and extensive global footprint, our customers and partners stand to gain more value from their data than ever.”
“As promised, we will honour our “no customer left behind” commitment, supporting existing products from both companies for years to come. As we begin this new chapter, we are committed to driving industry-leading cyber resilience innovations to ensure we are the world’s preeminent choice for data security with differentiated AI capabilities,” he further shared.
Jensen Huang, founder and CEO at NVIDIA, also said, “We want to congratulate Cohesity on completing their Veritas acquisition. NVIDIA is excited to partner with Cohesity as they build their GenAI products on top of the NVIDIA AI Enterprise. Cohesity is backing up and protecting the world’s data—a goldmine of business value that customers can unlock with GenAI.”
Daniel Newman, CEO, The Futurum Group, then remarked, “Bringing together Cohesity and Veritas’ data protection business—the largest deal in the data protection space to date—addresses the growing need in the market to go beyond backing up and recovering data to handle issues around data security and insights for more robust cyber resilience.”
“Cohesity now has the largest workload support with world-class security and insight capabilities, a large presence, and a massive joint ecosystem of service providers, VARs, SI partners, and OEMs. Sitting in a unique position at the junction of multicloud, security, and AI, Cohesity is on an ambitious growth trajectory, with an experienced leader in Sanjay at the helm. We believe the company will be a key player as they expand beyond data protection, helping global CIOs exploit the potential for AI and turn organisational data into a competitive advantage,” added Newman.
Meanwhile, Brian Sheth, CIO at Haveli Investments, said,We are thrilled to lead Cohesity’s latest investment round to fund this transformative transaction. This combination creates a new data protection and cyber-resiliency powerhouse. We expect the resulting scale and combined resources to accelerate product innovation, extending Cohesity’s product leadership. I look forward to serving on Cohesity’s Board of Directors and working closely with Sanjay and the management team as we focus on taking Cohesity’s business to a new level of success.”
