KONTAN.CO.ID - NEW YORK - U.S. data security software firm Cohesity told Reuters on Wednesday it has agreed to acquire Veritas' data protection business in a deal that values the combined entity at $7 billion. The cash and stock acquisition is expected to help Cohesity, which is backed by Japan's SoftBank Group 9984.T, achieve positive growth margins and expand into international markets, Cohesity CEO Sanjay Poonen said in an interview, adding that the firms together have $1.6 billion in annual revenue. "You've got the fastest growth on our side and the best profitably on their side, combined to be a profitable growth machine that's innovating with AI," he said.
SoftBank-Backed Cohesity to Buy Veritas Data Security Unit, Create $7 bln Firm
KONTAN.CO.ID - NEW YORK - U.S. data security software firm Cohesity told Reuters on Wednesday it has agreed to acquire Veritas' data protection business in a deal that values the combined entity at $7 billion. The cash and stock acquisition is expected to help Cohesity, which is backed by Japan's SoftBank Group 9984.T, achieve positive growth margins and expand into international markets, Cohesity CEO Sanjay Poonen said in an interview, adding that the firms together have $1.6 billion in annual revenue. "You've got the fastest growth on our side and the best profitably on their side, combined to be a profitable growth machine that's innovating with AI," he said.