Two industry leaders come together to redefine AI-powered data security and management.
The merger between Cohesity and Veritas represents a significant move in the backup market, as a newer player in the cloud era takes control of a longstanding presence. With this move, Cohesity and Veritas are merging their strong base of enterprise accounts, robust R&D department, and portfolio spanning artificial intelligence, compliance, data governance, and Kubernetes storage.
The merger, expected to close by the end of 2024, is projected to create a data protection giant valued at around $7 billion. This development coincides with Rubrik's announcement of plans for an IPO in April to fuel its expansion efforts.
Both Cohesity and Rubrik, founded in 2013, emerged during the hybrid cloud era with a focus on deploying appliances for local backups and cloud integration, offering automated and cost-effective solutions for data protection.
Veritas, a backup veteran established in the 1980s, brings a historic international customer base, emphasizing on-site backups and adherence to data governance. Despite being a latecomer to the cloud, Veritas adapted its products accordingly, enhancing features like analytics for compliance auditing and persistent storage and management for Kubernetes clusters through Infoscale.
The consolidation of Cohesity and Veritas is expected to create a $1.6 billion annual turnover business serving 10,000 customers. Additionally, synergies in R&D are anticipated, leveraging Veritas' analytics capabilities and Kubernetes management tools.
Overall, the acquisition positions Cohesity strategically by broadening its product offerings and customer base while enhancing its competitive edge in the evolving backup and data management landscape.