Softbank-Backed Cohesity To Acquire Veritas Data Security Unit For $3B: Report
Portfolio Pulse from Benzinga Neuro
SoftBank Group Corp's backed Cohesity is set to acquire the data protection business of Veritas Technologies LLC, a subsidiary of Carlyle Group Inc, for $3 billion. This acquisition, expected to close by year-end, will create a combined entity valued at $7 billion with an estimated annual revenue of $1.6 billion. The deal aims to enhance Cohesity's growth margins and facilitate its expansion into international markets, leveraging AI-powered software for data security.
February 08, 2024 | 9:34 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
SoftBank Group Corp's backing of Cohesity in its $3 billion acquisition of Veritas Technologies' data protection business highlights its active involvement in tech investments.
SoftBank Group Corp's involvement in Cohesity's acquisition of Veritas Technologies' data protection business for $3 billion underscores its strategic investment in technology and data security. This move is likely to be viewed positively by investors, given the potential for growth and expansion in the AI and data security sectors. The score is positive, reflecting the potential upside from this strategic acquisition.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Carlyle Group Inc's subsidiary Veritas Technologies LLC's data protection business is being acquired by Cohesity for $3 billion, indicating a strategic divestiture.
The sale of Veritas Technologies' data protection business to Cohesity for $3 billion is a strategic move for Carlyle Group Inc. While it indicates a significant divestiture, the immediate impact on CG's stock price is neutral due to the lack of details on the use of proceeds and the overall strategy post-sale. The relevance is high as it involves a direct subsidiary, but the importance is moderate until further financial details emerge.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70