SoftBank Group-backed Cohesity has made a strategic move in the realm of data protection, announcing its agreement to acquire the data protection business of information technology company Veritas. The deal, reportedly valued at around $3 billion, including debt, underscores Cohesity’s ambition to fortify its position in the rapidly evolving landscape of cybersecurity and data management.
Sources close to the matter revealed that Cohesity secured approximately $1 billion from investors, including Haveli Investments, Premji Invest, and Madrona, to facilitate the transaction. While the financial terms remain undisclosed by the involved parties, the acquisition signals a significant expansion for Cohesity, bolstering its portfolio with Veritas’ data protection solutions.
Cohesity, renowned for its artificial intelligence-powered software, is at the forefront of innovation in data management, offering organizations robust tools to safeguard and manage their data assets against evolving cybersecurity threats. The acquisition of Veritas’ data protection unit further solidifies Cohesity’s position as a leader in the field, empowering businesses to navigate the complex terrain of data security with confidence.
Veritas, majority-owned by private equity firm Carlyle Group since its acquisition from Symantec in 2016, brings a wealth of expertise and experience to the table. The integration of Veritas’ capabilities into Cohesity’s suite of offerings promises to deliver enhanced value to customers, equipping them with cutting-edge solutions to address the evolving challenges of data protection and management.
The acquisition marks a pivotal moment for Cohesity as it continues to chart a path of growth and innovation in the data protection landscape. With the backing of SoftBank Group and a formidable lineup of investors, Cohesity is poised to redefine the future of cybersecurity and data management, unlocking new opportunities for organizations across industries.
As the digital ecosystem continues to evolve, the importance of robust data protection measures cannot be overstated. Cohesity’s acquisition of Veritas’ data protection unit represents a strategic investment in the resilience and security of data infrastructure, providing organizations with the tools and technologies needed to safeguard their most valuable assets in an increasingly interconnected world.
The completion of the deal is subject to regulatory approvals and customary closing conditions. However, with the combined strengths of Cohesity and Veritas, the future looks promising for businesses seeking comprehensive solutions to navigate the complexities of data protection and cybersecurity in the digital age.
