Cohesity and Veritas have announced 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.
Customers will benefit from the accelerated innovations unlocked by the joint company’s scaled R&D investment, its unwavering support for customer success, and one of the industry’s most extensive partner ecosystems.
Together, the companies will target a total addressable market of over $30 billion. This figure includes the data replication and protection software market, estimated to be $12.2 billion in 2024 by IDC. The expanded go-to-market breadth, geographic footprint, and R&D resources will allow the combined company to accelerate new customer adoption and help drive the deployment of innovative solutions within the fast-growing data security and management segment.
Sanjay Poonen will lead the combined organisation 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.
www.cohesity.com
www.veritas.com
