Cohesity completes merger with Veritas, becomes largest data protection software provider

Cohesity has completed its combination with Veritas' enterprise data protection business, now becoming the world's largest provider of data protection software by market share.

With this merger, Cohesity will serve over 12,000 customers, including more than 85 of the Fortune 100 and nearly 70% of the Global 500, securing hundreds of exabytes of data globally. The company now offers broad support for workloads and a substantial partner ecosystem in the data protection industry.

Cohesity's financial performance has also seen significant growth, crossing $1.5 billion in revenue within 11 years, and on an adjusted pro forma basis for the fiscal year ending July 2024, the company saw revenue of over $1.7 billion, with an annual recurring revenue of $1.5 billion and an adjusted cash EBITDA margin of 28 percent.

Speaking on the combination with Veritas, Sanjay Poonen, President and CEO of Cohesity, said, "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 ASEAN region 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."

"ASEAN organisations increasingly need AI capabilities to give them competitive advantage through greater insights into their data and improve ROI for faster decision-making. We will deliver exactly to all our customers through generative AI-driven insights, an easy-to-use, single, management interface and the best cloud-native capabilities. Our commitment to our customers, partners, and employees in ASEAN region is as strong as ever, with a shared mission of protecting, securing, and providing insights into the world's data."

Poonen further remarked on the journey of Cohesity, stating, "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 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. As promised, we will honor our 'no customer left behind' commitment, supporting existing products from both companies for years to come. As we begin this new chapter, we are committed to driving industry-leading cyber resilience innovations to ensure we are the world's preeminent choice for data security with differentiated AI capabilities."

The combination is poised to offer advantages in global scale and support, peace of mind for customers, and enhanced AI capabilities. Jensen Huang, founder and CEO of NVIDIA, expressed his excitement, "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."

The significance of this merger was also highlighted by Daniel Newman, CEO of The Futurum Group, "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."

"Cohesity now has the largest workload support with world-class security and insight capabilities, a large presence, and a massive joint ecosystem of service providers, VARs, SI partners, and OEMs. Sitting in a unique position at the junction of multicloud, security, and AI, Cohesity is on an ambitious growth trajectory, with an experienced leader in Sanjay at the helm. We believe the company will be a key player as they expand beyond data protection, helping global CIOs exploit the potential for AI and turn organisational data into a competitive advantage."

The transaction, valued at over $7 billion, was funded through a Series H investment round led by Haveli Investments, which secured significant equity resources essential for the financial and operational growth of the integrated entity.

Brian Sheth, CIO of Haveli Investments, commented, "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. We expect the resulting scale and combined resources to accelerate product innovation, extending Cohesity's product leadership. I look forward to serving on Cohesity's Board of Directors and working closely with Sanjay and the management team as we focus on taking Cohesity's business to a new level of success."