Cohesity lands major Veritas acquisition, making it the largest data protection software provider

Cohesity, the leader in AI-powered data security, is announcing the completion of its merger with Veritas, the enterprise data protection business, making Cohesity the largest data protection software provider based on market share. Now serving over 12,000 customers, Cohesity is committed to protecting exabytes of the world’s data, delivering the broadest workload support and one of the largest partner ecosystems in the data protection vertical, according to the company.

Cohesity’s investment was funded by a Series H investment round led by Haveli Investments, with participation from Coatue, Sapphire Ventures, and Dragon Fund. This equipped Cohesity with the necessary financial and operational resources to fuel its growth—which is reflected by the company becoming one of the fastest data protection vendors to cross $1.5 billion in revenue.

“We are thrilled to lead Cohesity’s latest investment round to fund this transformative transaction,” said Brian Sheth, CIO of Haveli Investments. “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.”

In terms of product innovation, the combined powers of Cohesity and Veritas offer a myriad of new capabilities, including cloud-scale and AI-powered data security and management, generative AI (GenAI)-driven insights, an intuitive management interface, and a holistic multi-cloud data protection portfolio. Cohesity assures its customers that it will continue to invest in and iterate on all the products brought together in this acquisition, including Veritas NetBackup, Veritas NetBackup appliances, and Veritas Alta data.

“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,” said Sanjay Poonen, president and CEO, 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. 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.”

This acquisition also marks Cohesity’s support for a global, “follow the sun” customer success strategy, pushing for positive outcomes for customer support experience and needs.

Furthermore, as a result of this combination, Cohesity now delivers one of the industry’s largest partner ecosystems, which ranges from cloud service providers to security vendors, VARs, system integrators, MSPs, technology ecosystem partners, distribution partners, and hardware OEMs. This robust amalgamation of support will empower Cohesity’s go-to-market breadth, geographic footprint, and R&D efforts, propelling customer adoption and new innovative solutions, according to the company.

“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,” said Daniel Newman, CEO, The Futurum Group. “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 multi-cloud, 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 organizational data into a competitive advantage.”

Cohesity now targets a total addressable market (TAM) of $40-plus billion, including IDC’s data replication and protection software market—an area which IDC projects to reach $12.3 billion in vendor sales by 2024, according to IDC’s Semiannual Software Tracker, 2024H1. The transaction values the new combined iteration of Cohesity at over $7 billion.

To learn more about this latest acquisition, please visit https://www.cohesity.com/ or https://www.veritas.com/.