SoftBank Group-backed data security software firm Cohesity has agreed to buy the data protection business of Veritas in a cash-and-stock transaction to form a combined entity valued at approximately $7 billion, Reuters reported Thursday.
Cohesity is a San Jose, California-based company that offers artificial intelligence-based software to help organizations manage and safeguard data from cybersecurity threats.
Cohesity CEO Sanjay Poonen said the transaction could enable the company to further drive growth and expand its market presence overseas.
The transaction is expected to be finalized by the end of 2024 and one of the sources said the Veritas unit is valued at more than $3 billion, including debt.
Carlyle and Veritas CEO Greg Hughes will join the combined entity’s board upon the deal’s closing, according to the report