Softbank-backed Cohesity to buy Veritas data security unit, create $7 billion firm
Softbank-backed Cohesity to buy Veritas data security unit, create $7 billion firm
Feb 08, 2024 by Business & Finance | Reuters News Agency
Key Facts
- Business & FinanceDeals 08 February 2024, 12:50 pm 1 minute Reuters exclusively reported that 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.
- MARKET IMPACT San Jose, California-based Cohesity’s artificial intelligence-powered software helps organizations protect and manage their data against cybersecurity threats.
- It is also working with Big Tech in the adoption of generative AI to search and retrieve large amounts of data.
- The deal comes at a time when Cohesity’s biggest competitor Rubrik is, according to sources, planning to launch a stock market flotation in the coming weeks.
GEOGRAPHY
MONEY
LOCATION
MISCELLANEOUS
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2021 Kwhen Inc.
Was this content valuable for you?