Data protection leader Cohesity secures $7bn valuation following Veritas merger

December 12, 2024

Cohesity, a leader in AI-powered data security, has completed its combination with Veritas’ enterprise data protection business, solidifying its position as the world’s largest data protection software provider by market share.

The company now serves over 12,000 enterprise customers, including more than 85 of the Fortune 100 and nearly 70% of the Global 500, safeguarding hundreds of exabytes of data globally.

This transformative transaction values the combined company at over $7bn. The deal was funded by supported by Cohesity’s Series H investment round, which was led by Haveli Investments. Additional key investors include Coatue, Sapphire Ventures, Dragon Fund, Sequoia Capital, Softbank Vision Fund I, and The Carlyle Group, among others. The merger establishes Cohesity as the fastest company in the data protection sector to surpass $1.5bn in annual revenue.

Cohesity specialises in protecting, securing, and providing insights into the world’s data through advanced AI-driven capabilities. By merging with Veritas, the company now offers one of the most comprehensive data protection portfolios in the industry, including zero-trust security principles and generative AI-powered insights. Its expanded offering covers the broadest range of workloads and boasts a large partner ecosystem.

Sanjay Poonen, Cohesity president and CEO, stated, “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.

“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.”