We are excited to celebrate today’s successful closing of the Cohesity and Veritas combination, marking a new era in data security and management. It’s an incredible milestone after more than two years of intense creativity, effort, strategic thinking, operational planning, and financial engineering.
When we first partnered with Cohesity 11 years ago, joining their Series A alongside Sequoia, we saw immense potential in Cohesity founder Mohit Aron's vision. His ability to identify and solve significant, unsolved problems in the data management space was unparalleled. Fast forward to today, and that potential has not only been realized but has exceeded our expectations. I still vividly remember the Saturday in October 2013 where Peter and I met with Mohit and we all agreed to move forward on Wing’s partnership with Cohesity.
The combination of Cohesity and Veritas' data protection business has created a powerhouse in the industry. It is now the largest data protection company, with over $1.5B in revenue, more than 25% EBITDA, 12,000 customers, including 85% of the Fortune 100 and 70% of the Global 500, in a global market of $30B. This extensive reach, coupled with hundreds of exabytes of data under protection and a robust partner ecosystem, positions the new Cohesity as a formidable force in the market.
Under the leadership of CEO Sanjay Poonen, the combined organization is set to drive innovation in AI-powered data security and management. The fusion of Cohesity's modern, AI-driven approach with Veritas' global presence and established customer base creates a unique value proposition for enterprises worldwide.
To commemorate this achievement, Wing partnered with Cohesity to place a billboard on the 101 in San Francisco. This visual celebration serves as a testament to the journey we've shared and the bright future ahead.
As we reflect on this milestone, we're reminded of the incredible journey from Cohesity's early days to its current position as a market leader. The Wing team and I have been deeply involved with Cohesity throughout the company’s history, from helping to hire every executive including Sanjay Poonen, retaining many during the inevitable ups and downs of any company, participating in every financing, working on the extraordinarily complex Veritas transaction for two+ years for more than five hours per week on average, and sometimes longer including thousands of phone calls.
The closing of this deal isn't just a culmination of years of hard work; it's the beginning of an exciting new chapter in data security and management.
There are so many people whose efforts and commitment were essential to closing this transaction: Cohesity’s management, finance, and legal teams, our outside counselors at Gunderson Dettmer and Simpson Thatcher, our advisors at JPMC who presented us with the idea, and Cohesity’s board of directors. I am also delighted to welcome our new partners, Patrick McCarter of Carlyle and Brian Sheth of Haveli to Cohesity’s board of directors. My sincere thanks and gratitude to all of you.
All of us at Wing are honored to have been part of this journey, and look forward to the innovations and growth that lie ahead for Cohesity and Veritas. As the data landscape continues to evolve, we're confident that this combined entity will play a pivotal role in shaping the future of how enterprises protect, manage, and derive value from their data.
Congratulations once again to the entire Cohesity and Veritas teams. Here's to the next phase of revolutionizing data security and management!
