Cohesity becomes largest data protection provider globally

Cohesity has announced the completion of its combination with Veritas' enterprise data protection business, resulting in the company becoming the world's largest data protection software provider by market share.

This expansion allows Cohesity to serve over 12,000 customers, which includes more than 85 of the Fortune 100 and nearly 70% of the Global 500, protecting hundreds of exabytes of data worldwide.

The company has also reached an important financial milestone, becoming the fastest to surpass USD $1.5 billion in revenue within the data protection space.

"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," stated Sanjay Poonen, President and CEO of Cohesity. "By combining Cohesity's scale-out architecture and strong generative AI and security capabilities with Veritas' broad workload support and extensive global footprint, our customers and partners stand to gain more value from their data than ever."

Additionally, NVIDIA's founder and CEO, Jensen Huang, remarked on the partnership saying, "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. Cohesity is backing up and protecting the world's data – a goldmine of business value that customers can unlock with GenAI."

On the financial side, Cohesity's transaction was supported by a Series H investment round led by Haveli Investments, which is now one of Cohesity's largest shareholders. Brian Sheth, CIO of Haveli Investments, expressed confidence in the outcomes of the merger, "We are thrilled to lead Cohesity's latest investment round to fund this transformative transaction. This combination creates a new data protection and cyber-resiliency powerhouse."

Diversifying its offerings, Cohesity now provides a comprehensive multicloud data protection portfolio, designed to support a wide range of workloads through its scalable architecture.

This includes advancements in AI-driven insights and zero-trust data security principles to enhance data protection capabilities.

Daniel Newman, CEO of The Futurum Group, highlighted the strategic significance of the merger: "Bringing together Cohesity and Veritas' data protection business – the largest deal in the data protection space to date – addresses the growing need in the market to go beyond backing up and recovering data to handle issues around data security and insights for more robust cyber resilience."

Sanjay Poonen also added in another statement, "I'm very excited that the combination of Veritas's data protection business with Cohesity is now complete, and it will have huge benefits to our customers and partners across ANZ and the world. Veritas is bringing market leading breadth and depth of workload and platform support on a global scale, and Cohesity brings advanced generative AI and security capabilities into a modern, web-scale platform."

The combined company is valued at over USD $7 billion and targets a total addressable market of more than USD $40 billion, providing strong potential for future growth and expansion in data security and management solutions globally.