AI-enabled data security and management company Cohesity and Veritas have announced an agreement to combine the former with the latter’s data protection business. As per the information detailed in the press release, Cohesity and Veritas intend to combine their capabilities to develop a new participant in data security and management.

Through this, customers are set to receive accelerated improvements provided by the joint company’s R&D investment, its support, and an extensive partner ecosystem. Cohesity and Veritas’ collaboration objectives Considering the current environment and the evolving threat posed by ransomware, organisations require a cyber resilience strategy, with businesses now being able to leverage the capabilities of generative artificial intelligence (AI) for data-driven insights that supports efficiency and growth. By combining the abilities of Cohesity and Veritas, the two companies aim to address these challenges directly, providing organisations with a comprehensive, multicloud data protection portfolio.

Additionally, the companies intend to offer a simple user experience and a high-performance, centrally managed hyperconverged platform. The complementary combination is set to provide an additional participant in data security and management with several product offerings that can help customers address their needs to data security and insights. Furthermore, the merged company aims to combine data protection, global footprint, and high penetration in the enterprise, as well as a strong partner ecosystem across all segments of cloud service providers, security participants, VARs, system integrators, and hardware OEMs. Additionally, the combined organisation is set to continue its investment in the roadmap and strategy of all Cohesity products and services, and Veritas NetBackup, NetBackup appliances, and Alta data protection offerings.

The company intends to work towards delivering an integrated solution combining both Cohesity and Veritas’ technologies. According to Cohesity’s officials, the company is committed to protecting data and, the current deal with Veritas which merges its capabilities with the latter’s global presence and installed base, supports this objective. Cohesity plans to advance AI-enabled data security and management by bringing together both product portfolios, including its architecture suited for modern workloads and generative AI and security features and Veritas’ workload support and global footprint. The collaboration aims to support their collective 10,000 customers and 3,000 partners.

Moreover, representatives from Veritas underlined that the two companies share an objective to enable businesses to protect their data assets in the current evolving cyber threat and complex hybrid cloud environment. The two companies aim to deliver improved solutions that protect customers against cyber attacks while offering the flexibility and scalability required to advance their operations. More information about the transaction The press release also mentions that the companies intend to target a total addressable market (TAM) of over USD 30 billion, with the figure including the data replication and protection software market.

The extended go-to-market scope, geographic footprint, and R&D resources are set to enable the combined company to accelerate new customer adoption and support drive the deployment of solutions. The transaction was approved by each of Cohesity and Veritas’ boards of directors, with it being expected to close by the end of 2024, subject to regulatory approval and other customary closing conditions. Moreover, the company is set to receive support from current investors, including Softbank Vision Fund, Sequoia Capital, Wing Venture Capital, and Premji Invest, among others. .