TECH - Softbank-Backed Cohesity To Acquire Veritas Data Security Unit For $3B: Report | Benzinga

SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) backed Cohesity has agreed to the acquisition of the data protection business of Veritas Technologies LLC. The deal is valued at $3 billion, creating a combined entity worth $7 billion.

What Happened: Cohesity, a U.S.-based data security software company, is set to acquire the data protection business of Veritas, a subsidiary of Carlyle Group Inc (NASDAQ:CG). The deal, comprising cash and stock, is expected to be finalized by the end of the year, as per source-based report by Reuters.

The acquisition is anticipated to bolster Cohesity’s growth margins and facilitate its expansion into international markets. The combined annual revenue of the two firms is estimated at $1.6 billion.

CEO of Cohesity, Sanjay Poonen, highlighted the potential of the merged entity, and said, “You’ve got the fastest growth on our side and the best profitability on their side, combined together to be a profitable growth machine that’s innovating with AI.”

See Also: Full story available on Benzinga.com