"Cohesity's Acquisition of Veritas Creates $7B Data Security Powerhouse"
Cohesity, led by CEO Sanjay Poonen, has announced plans to acquire Veritas' data protection business, forming a combined organization valued at $7 billion. The merger aims to create a leading entity in the data security and management market, with a focus on AI-powered technologies. The deal is expected to close by the end of 2024, and the combined company will have annual recurring revenue of $1.3 billion. The remaining Veritas assets will transition into a separate company known as "DataCo."