In a seismic shift in the data security landscape, Cohesity, the AI-driven data management titan, unveiled its plans to merge with Veritas’ formidable data protection arm, propelling the combined entity into a stratosphere of $7 billion valuation. Crafted by four powerhouse firms, this groundbreaking amalgamation promises to redefine the contours of data security and management.
Cohesity to buy Veritas data security : A Match Made in Cyber-Heaven
The union, described as “highly complementary,” aims to birth a new juggernaut in data security, armed with a diverse array of products tailored to satiate the voracious appetites of customers clamoring for both security and insights. Simpson Thacher & Bartlett LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP orchestrated Cohesity’s maneuvers, while Veritas was advised by Alston & Bird LLP and Latham & Watkins LLP.
Carving Out a New Future
Under the meticulously sculpted terms of the agreement, Veritas’ data protection arm will be excised from its Santa Clara, California-based parent, giving rise to DataCo, an independent entity. Yet, the reins of power will remain firmly gripped by Cohesity’s President and CEO, Sanjay Poonen, steering the new behemoth toward uncharted waters, while Veritas’ CEO, Greg Hughes, assumes the mantle of board member and strategic guide.
A Symphony of Investments
In a kaleidoscope of financial arrangements, Veritas shareholders, led by majority owner Carlyle, will seamlessly transition into the Cohesity fold. Emboldened by an arsenal of private equity backers including Sequoia Capital, Haveli Investments, Wing Venture Capital, and Premji Invest, the combined entity stands poised to rewrite the rules of engagement in the data security arena.
Cohesity to buy Veritas data security : A Nexus of Innovation
Fuelled by this formidable financial juggernaut, the merged entity promises to be a colossus in the realm of multicloud data protection, offering a panoply of solutions underpinned by simplicity and innovation. Poonen exudes confidence, envisioning a future where Cohesity’s agility converges with Veritas’ global footprint to usher in a new era of AI-powered data fortification.
A Roadmap to Resilience
With a laser focus on customer empowerment, the merger pledges increased resources for technological advancements, ensuring that businesses remain fortified against the ceaseless onslaught of cyber threats. Hughes echoes this sentiment, envisaging a symbiotic relationship wherein Veritas’ cloud-native architecture seamlessly integrates with Cohesity’s innovative prowess to deliver transformative solutions against cyber adversaries.
Cohesity to buy Veritas data security : The Dawn of a New Era
As the curtains draw on this epoch-defining merger, the world watches with bated breath. With regulatory nods looming on the horizon, and customary conditions awaiting fulfillment, the denouement of this saga promises to reshape the contours of data security, forever altering the trajectory of technological innovation.
Legal Eagles Take Flight
Behind the scenes, legal luminaries from Simpson Thacher, Gunderson Dettmer, Alston & Bird, and Latham & Watkins orchestrate this intricate ballet, ensuring a seamless transition into this brave new world of data security.
