Cohesity Completes Merger, Emerges as Largest Data Protection Player
Deal News | Dec 18, 2024 | EIN
Cohesity has successfully completed its merger with Veritas' enterprise data protection division, establishing itself as the largest data protection software provider by market share. This merger extends Cohesity's customer base to over 12,000 clients, including a significant portion of the Fortune 100 and Global 500 companies. The company is now responsible for safeguarding hundreds of exabytes of data worldwide. The financial performance of Cohesity has been noteworthy, reporting over $1.7 billion in revenue for the fiscal year ending July 2024. The merger was valued at over $7 billion, funded by a Series H investment led by Haveli Investments. Cohesity aims to enhance its position with advanced AI-driven insights and robust global data protection solutions, driven by its CEO Sanjay Poonen's commitment to customer and partner satisfaction. The merger also boasts a comprehensive partner ecosystem and substantial support for various workloads, supported by industry leaders such as NVIDIA's Jensen Huang and The Futurum Group's Daniel Newman. The strategic combination is set to further innovate in data security and AI capabilities, setting a new benchmark in cyber resilience and AI-driven data insights.
Sectors
- Data Protection and Cybersecurity
- Software and Technology
- Private Equity and Venture Capital
Geography
- Global – Cohesity's merger with Veritas expands its reach to serve a global customer base, including significant market presence in highly ranked multinational corporations.
- ASEAN – The article mentions a specific focus on the ASEAN region, highlighting targeted market strategies and growth plans in this geographical area.
Industry
- Data Protection and Cybersecurity – The article discusses the merger between Cohesity and Veritas, focusing on data protection and cybersecurity solutions offered by the combined entity.
- Software and Technology – Cohesity's enhanced software capabilities, including AI-driven data insights and security features, highlight its role in the technology and software industry.
- Private Equity and Venture Capital – The funding of the merger was led by Haveli Investments, a significant player in the private equity and venture capital space, demonstrating investment activity in this sector.
Financials
- $7 billion – The valuation of the merger deal between Cohesity and Veritas.
- $1.7 billion – Cohesity's reported revenue for the fiscal year ending July 2024.
- $1.5 billion – Annual recurring revenue for Cohesity.
- 28% – Adjusted cash EBITDA margin for Cohesity.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cohesity | Target Company | Company | A leading data protection and security firm that has expanded significantly through this merger. |
| Veritas | Seller | Company | Enterprise known for providing advanced data protection solutions, now merged with Cohesity. |
| Haveli Investments | Private Equity Investor | Company | Led the Series H investment round to fund the merger. |
| Sanjay Poonen | CEO | Person | Chief Executive Officer of Cohesity who leads the company's strategic direction. |
| NVIDIA | Technology Partner | Company | Partners with Cohesity for developing AI-driven products. |
| Jensen Huang | CEO | Person | Founder and CEO of NVIDIA, expressing support for Cohesity's merger. |
| The Futurum Group | Strategic Insights Provider | Company | Provided commentary on the significance of the merger in the data protection industry. |
| Daniel Newman | CEO | Person | CEO of The Futurum Group, commenting on the merger's impact. |
| Brian Sheth | CIO | Person | Chief Investment Officer at Haveli Investments, playing a pivotal role in the funding of the merger. |