Cohesity has successfully completed its acquisition of the enterprise data protection business from Veritas. This move positions Cohesity as the premier data protection software provider in the world, with a valuation exceeding $7 billion. The acquisition, announced earlier this year, now allows Cohesity to serve more than 12,000 customers, including over 85 Fortune 100 companies and approximately 70% of the Global 500.
Sanjay Poonen, CEO and President of Cohesity, sees this acquisition as a pivotal moment for the company. “Cohesity and Veritas are both innovative leaders in securing data, and that’s why this business combination is a win for the thousands of global organisations who rely on our platforms,” he stated. The merger aims to improve business resilience against evolving cyber threats and enable actionable insights from data.
This transaction makes Cohesity the fastest data protection company to surpass $1 billion in revenue within 11 years. For the fiscal year ending July 2024, the combined entity’s pro forma adjusted revenue exceeded $1.7 billion with annual recurring revenue at $1.5 billion.
Looking at the strategic benefits, Poonen noted, “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 integrating Cohesity’s scale-out architecture and Veritas’ robust workload support, customers can derive greater value from their data. Both companies will continue to support existing products, maintaining their commitment to customer satisfaction.
Jensen Huang, CEO of NVIDIA, congratulated Cohesity on this achievement. He 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.”
Daniel Newman, CEO of The Futurum Group, also emphasized the acquisition’s wider impact. He mentioned, “Cohesity now has the largest workload support with world-class security and insight capabilities. They sit at a unique position, bridging multi-cloud, security, and AI, poised for ambitious growth with experienced leadership.”
The combined firm promises to provide industry-leading innovation. Its offerings will include AI-powered data security solutions and a comprehensive multi-cloud data protection suite. Cohesity remains committed to investing in and advancing products from both companies, ensuring customer investments are valued.
With a strong customer base, a high Net Promoter Score, and a global customer success organization, Cohesity plans to deliver consistent support for its clients. The company’s proprietary AI capabilities, first of their kind in the market, provide substantial benefits in data protection and management.
The merged entity now targets a total addressable market exceeding $40 billion, ready to deploy solutions and spur adoption across the booming data security segment.