Veritas Technologies back in business
Veritas begins operations after finalisation of split from Symantec
Storage specialist Veritas has returned, following the finalization of its split from Symantec.
Veritas Technologies is now operating as a privately held, independent company after the move to separate Symantec's business into two. Veritas originally merged with Symantec in 2005 in a deal worth $13.5 billion.
The new company, which will be led by CEO Bill Coleman, says it is chasing a $24bn market across sectors including backup and recovery, integrated appliances, information availability and archiving solutions. Veritas solutions are already in use by 86% of the global Fortune 500 and the company intends to build on that.
"In the era of the cloud, many organizations won't own their data center and many might not even own their applications. Other than your team, data is the most critical asset of value in the 21st century," said Bill Coleman, CEO, Veritas. "We're in a unique position as the company that manages and protects the world's information, and I am honored to become part of the Veritas family to serve our customers and partners."
The new Veritas leadership team includes chairman Bill Krause, formerly president and CEO of 3Com and David Scott, former chairman and CEO of 3Par who was until recently senior vice president and general manager of the global HP storage business.
Bill Coleman brings more than 25 years of executive leadership experience to Veritas. He has a long history of establishing innovative technology companies, including Cassatt, Inc., and BEA Systems where he was CEO. Under his leadership, BEA Systems became the fastest software company to reach $1bn in revenue, and continues to hold that record today.
"IT leaders continue to face constrained IT budgets while businesses and consumers alike continue to create data unabated. Successful IT organisations must not only identify simple and cost-effective solutions to manage their company's information but also support the use of information for their company's competitive advantage," said Laura DuBois, Group Vice President, Enterprise Storage, Server and Infrastructure Software, IDC. "As an established and trusted information management company, Veritas provides the critical solutions to help its customers gain that competitive advantage."