Cohesity, the leader in AI-powered data security, announced the completion of its combination with Veritas’ enterprise data protection business, ushering in a new era in protecting the world’s data. Now the world’s largest data protection software provider by market share[1], Cohesity will serve over 12,000 customers – including over 85 of the Fortune 100 and nearly 70% of the Global 500 – and protect hundreds of exabytes of the world’s data. With the completion of this combination, Cohesity now offers the broadest workload support and one of the largest partner ecosystems in the data protection industry.
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Cohesity has become the fastest data protection company to cross $1.5 billion in revenue, reaching that milestone in 11 years. On a pro forma adjusted basis for the fiscal year ending July 2024, the combined entity had revenue of over $1.7 billion, annual recurring revenue (ARR) of $1.5 billion, and a 28 percent adjusted cash EBITDA margin.
“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.”
“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,” said Jensen Huang, founder and CEO of NVIDIA. “Cohesity is backing up and protecting the world’s data – a goldmine of business value that customers can unlock with GenAI.”
“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 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 organizational data into a competitive advantage.”
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