Hey there tech enthusiasts! Get ready to pop some popcorn because we’ve got some exciting news in the tech world. Data security giant Cohesity is all set to swallow up Veritas’ data protection operations. The way this will happen is like something out of a Hollywood business movie.
Hold onto your keyboards, folks! We’ve got a big tech merger on the horizon! The merging entities are estimated to be worth a whopping $7 billion. Sanjay Poonen, the head honcho of Cohesity, is set to retain his throne as the CEO. Now, isn’t that some news? But wait, there’s more. Veritas, one of the divisions involved in this takeover, is apparently valued at a cool $3
In a fun twist of words, Cohesity, which calls San Jose its home base, is elated about their recent deal, and they are not shy about it. They’re loudly proclaiming this deal as the one that will birth “the ultimate data guardian.” And what’s more, it’s
If we were to throw these two corporate giants into a fiscal blender starting from last July, the smoothie we’d get would taste like a whopping $1.3 billion in yearly recurring revenue. Add a cherry on top with their total revenue
This agreement unites the finest aspects of both product ranges – Cohesity’s scale-out architecture, which is perfectly tailored for contemporary workloads, along with its robust generative AI and security competencies, and Veritas’ extensive workload support and considerable global presence,” Poonen stated.
Our dear Poon
In the world of tech competition, Cohesity has a significant rival in the form of Rubrik. The latter is allegedly gearing up to go public with an Initial Public Offering (IPO) this year. On the other hand, Cohesity, which also hinted at launching an IPO in 2021, appears to have put these plans on the back burner for now. It’s worth noting that as of March 2021, Cohesity had estimated
In the tech world’s latest game of musical chairs, Poonen swapped his VMware hat for a leadership role at Cohesity as of August 2022. We’re still on the edge of our
The chief executive’s period in office has been characterized by a shift in the focus of the ten-year-old firm towards data protection. Particularly, they’ve emphasized on FortKnox, a cloud-based stronghold for data. This is similar to the leading data resilience companies like Commvault, Rubrik, and Cohesity, as noted by Forrester.
Imagine this: you’re part of a fusion company that’s stepping into a battlefield worth a whopping $30 billion. And guess what? They’re projecting it to balloon up to $40 billion, thanks to the added functionality of data analysis and securing what we call “secondary data”. Now, you may be sitting there wondering, “What on earth is secondary data?” Well, it’s stuff like files, emails – basically all the digital bits and bobs that make up about a tenfold of the primary data,
“Poonen has pledged to assist customers in extracting AI-driven insights from their data. By doing so, he believes that faster decision-making processes could boost their return on investment,” this was his message in a video where he announced the transaction.
In a recent turn of events, Cohesity’s board of directors and the partners of the Carlyle Group have given the green light to a deal with complete agreement. Just to remind you, the Carlyle Group became the primary owner of Veritas back in 2016, after Symantec decided to cut it loose for a whopping $7.4 billion. What’s exciting about this deal? Well, Carlyle is going to transform its stake into Cohesity shares. And that’s not all. Patrick McCarter, who heads Carlyle’s global technology sector, will be hopping on board Cohesity’s director panel. Quite a power move
