Cohesity, a leader in AI-powered data security, today announced the completion of its combination with Veritas’ enterprise data protection business, ushering in a new era in protecting the world’s data. Now the world’s largest data protection provider by market share, Cohesity will serve over 12,000 customers – including over 85 of the Fortune 100 and nearly 70% of the Global 500 – and protect hundreds of exabytes of the world’s data. With the completion of this combination, Cohesity now offers the broadest workload support and the largest partner ecosystem in the data protection industry.
Cohesity has become the fastest data protection company to cross $1.5 billion in revenue in the data protection industry, reaching that milestone in 11 years. On a pro forma adjusted basis for the fiscal year ending July 2024, the combined entity had revenue of over $1.7 billion, annual recurring revenue (ARR) of $1.5 billion, and a 28 percent adjusted cash EBITDA margin.
A key financial contributor to this transformative deal was Dragon Fund, which participated in the Series H investment round alongside Haveli Investments, Coatue, Sapphire Ventures and others.
Ridhi Chaudhary, Chief Investment Officer at Dragon Fund, commented, “This is Dragon Fund’s first global software investment. We are pleased to have played an important role in this transformational combination that aligns with Dragon Fund’s vision to back world-class technology companies globally. We are very optimistic and excited about the impact that NEW Cohesity will have on its 12000+ customers globally and in protecting the world's data.” Aakash Tulsani, Managing Director at Dragon Fund, added, “Cohesity is a next-generation data protection tool and is ever so important given the rise in ransomware attacks. Additionally, there is an opportunity to be a reservoir for enterprise data over time, which will be a key ingredient for enterprises to be AI ready.”
“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,” said Sanjay Poonen, President and CEO, Cohesity. “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 honour 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.”
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