Wing is incredibly excited to congratulate the Cohesity and Veritas teams as they announce today a combined company that will undoubtedly and rapidly become the market leader in data security and management.
Today Cohesity and Veritas announced a definitive agreement, under which Cohesity intends to combine with Veritas’ data protection business, which will be carved out of Veritas, with the new combined company being led by Sanjay Poonen, Cohesity’s CEO. The transaction values the combined company at approximately $7 billion and together, the companies will target a total addressable market (TAM) of over $30 billion.
This is an incredible leap forward for both teams and represents a seachange in how enterprises can and will manage data protection. Cohesity’s focus has been data management, security, and insights; this combination will deliver enhanced business resilience and generative AI insights, on a cloud native, scalable modern architecture built to handle nearly every workload. The combined company will bring together 100s of exabytes of data protected, a global go-to-market footprint, high penetration in the enterprise with 96 of the Fortune 100 and 80% of the Global 500, and a strong partner ecosystem across all segments of cloud service providers, security players, VARs, system integrators, and hardware OEMs.
It’s been a truly wonderful journey for us at Wing; we partnered with Cohesity a decade ago, joining Sequoia in their Series A. We first met Mohit Aron, Cohesity’s founder, in September 2013 when he was an advisor to another startup company, and were immediately struck by his clear and unequivocal ability to identify a significant, unsolved problem and to build a company around it.
I’m not sure that 10 years ago, anyone could have predicted today’s achievement, but we couldn’t be happier for both teams, and can’t wait to see what innovation arises in the data security and management space.
