Cohesity, a company specializing in data backup and security, announced that it is acquiring the data protection business of Veritas, including the NetBackup product. The acquisition is expected to be completed by the end of 2024.
Veritas’ data protection businesses that Cohesity will integrate include NetBackup software, NetBackup appliances and the “Alta” data protection cloud business. The purchase price was not disclosed.
Cohesity describes the benefits of integrating Veritas’ data protection business, which protects hundreds of exabytes of data and includes 96 of the Fortune 100 and 80 percent of the Global 500 enterprise customers.
Veritas will become DataCo
Sanjay Poonen, CEO of Cohesity, will continue to lead the company after the merger. Greg Hughes, CEO of Veritas, will serve on Cohesity’s board of directors and will act as a strategic advisor to Mr. Poonen following the completion of the transaction.
After the transfer of data protection activities to Cohesity, Veritas will become DataCo. The new company will bring together the InfoScale, Data Compliance and Backup Exe activities. Lawrence Wong, senior vice president of strategy and product at Veritas, will become CEO of DataCo.
Source: “ZDNet Japan”