Cohesity, the data security management system provider, has announced the acquisition of Veritas’ data security business. The business merger is estimated to be valued at approximately $7 billion.
Sanjay Poonen, CEO of Cohesity, will take on the role of CEO for the new business unit. Additionally, Greg Hughes, the CEO of Veritas, will join Cohesity as a board member.
Cohesity states that this deal is a strengthening move for their storage and data security services, utilizing AI to manage various organizational customers.
Furthermore, Cohesity maintains its status as a leading startup with 42 Fortune 100-level organizational customers and significant investors, such as SoftBank.
TLDR: Cohesity acquires Veritas’ data security business, valued at $7 billion. Sanjay Poonen becomes the new CEO of the merged business unit, with Greg Hughes joining Cohesity’s board. This deal enhances Cohesity’s data security services, leveraging AI for organizational customers, including 42 Fortune 100-level companies.
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