Cohesity plans $7B purchase of Veritas’ unit

California-based data security technology provider Cohesity has revealed plans to purchase Veritas Software's data protection unit for $7 billion, in a deal that is poised to be finalized by the latter part of this year, reports CRN. Such an acquisition which would involve the integration of Veritas NetBackup, NetBackup appliances, Aptare IT analytics, and Alta cloud data management with Cohesity's data platform would enable Cohesity to corner the majority of the data storage and data security market, according to Cohesity President and CEO Sanjay Poonen. "That customer base will allow us to create, I think, an iconic company. The type of companies we idolize are Snowflake or Palo Alto Networks. I think this is a Snowflake-meets-Palo Alto Networks-type of opportunity for all of that data, mostly secondary data, that's sitting in enterprises. And now we have the scale and speed to address those customers," said Poonen, who added that an IPO for Cohesity would be unlikely this year.