Symantec brings Veritas back to life
Veritas name selected for Symantec's information management company
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Symantec has announced that it will resurrect the Veritas name for its spun off information management company.
The security specialist announced that it would split into two businesses, a security company and a data management company, in October last year. The data management operation has now announced that it will be called Veritas Technologies Corporation.
The Veritas name was last used in 2005, by Veritas Software Corporation, which was acquired by Symantec. The company has also created a new logo for Veritas.
Michael A Brown, Symantec president and chief executive officer commented: "Veritas remains a powerful brand that still has tremendous equity with our customers, partners and employees, and after careful review it was an easy choice as the name for our information management business. While the name recalls the company's heritage, the new logo signals that Veritas is ready to solve the most critical information challenges facing our customers today and tomorrow."
The company said that the new logo design was ‘influenced by the concepts of open, heterogeneous technologies that are required to harness the power of information, principles that are core to the future strategy of the new Veritas Technologies Corporation'.
The Veritas business is an established market leader, serving 75% of the Fortune 500 with a broad range of products that include backup and recovery software and appliances, storage management, clustering, disaster recovery, archiving and eDiscovery solutions. The Veritas business generated $2.5 billion in revenue for Symantec in fiscal year 2014. Veritas competes in markets that are an estimated $11 billion today, potentially expanding to $16 billion in 2018 with a CAGR of 7% from 2013 to 2018.