Veritas Technologies

Last updated
Veritas Technologies LLC
Company type Private
Industry Information Management
Founded1983;41 years ago (1983) (as Tolerant Systems)
January 29, 2016;8 years ago (2016-01-29) (as Veritas Technologies)
FoundersEli Alon
Dale Shipley
Headquarters Santa Clara, California, US
Key people
Greg Hughes (CEO)
Owner The Carlyle Group
Number of employees
7,000 (2020)
Website veritas.com

Veritas Technologies LLC is an American international data management company headquartered in Santa Clara, California. The company has its origins in Tolerant Systems, founded in 1983 and later renamed Veritas Software. It specializes in storage management software including the first commercial journaling file system, VxFS, VxVM, VCS, the personal/small office backup software Backup Exec and the enterprise backup software, NetBackup. Veritas Record Now was an early CD recording software.

Contents

Before merging with Symantec (now known as Gen Digital) in 2004, Veritas was listed on the S&P 500 and the NASDAQ-100 under the VRTS ticker symbol.

In 2014, Symantec announced that it would demerge its information management business as Veritas Technologies LLC, to focus on security. It was purchased as part of the demerger by the private equity firm The Carlyle Group for $8 billion in cash in 2016. [1] It was sold again in 2024 to software firm Cohesity, valued at $3 billion.

History

Early history

The company was founded by Eli Alon and Dale Shipley (both from Intel) as Tolerant Systems in 1983 to build fault-tolerant computer systems based on the idea of "shoe box" building blocks. The shoe box consisted of an OS processor, running a version of Unix called TX, and on which applications ran, and an I/O processor, running a Real Time Executive, developed by Tolerant, called RTE: both processors were 320xx processors. The system was marketed as the "Eternity Series." [2]

The TX software gained a level of fault-tolerance through check-pointing technology. Applications needed to be fortified with this check-pointing to allow roll-back of the application on another processor if a hardware failure occurred. Tolerant also developed a forerunner of today's RAID systems by incorporating a journaling file system and multiple copies of the disk drive content.

Logo as Veritas Software Veritas Logo neu.svg
Logo as Veritas Software

Dale Shipley formed Tolerant Software in January 1988. Tolerant Software produced a journaling file system and a virtual disk management system for the AT&T UNIX platform, which was built by a new team led by John Carmichael.

The firm started out with a relationship with AT&T to provide the file (Veritas File System – VxFS) and disk management (Veritas Volume Manager – VxVM) software for its UNIX operating system, and to jointly market and support the products to the System OEMS (Sun, HP, etc.). The OEM model provided royalties to Veritas when the OEM shipped its products to end users.

On December 9, 1993, the company had its initial public offering (IPO), selling 16 million shares to the public, and valuing the company at $64 million.

Growth and acquisitions

At the end of 1996, Veritas had revenues of $36 million.

2004–2014: Merger with Symantec

In 1998, Veritas decided to consolidate most of its offices to one corporate headquarters in Mountain View and hired Ernst and Young to plan the new 550,000 sq ft facility. David Bentley of EY led the team to hire HOK as the architect and Rudolf and Sletten as the general contractor. The new facility was completed in 2001 along the new light rail facility. On December 16, 2004, Veritas and Symantec announced their plans for a merger in a deal valued at $13.5 billion. The deal created the fourth-largest software firm in the world to date. [5] Veritas and Symantec's shareholders approved the merger on June 24, 2005, and it was completed on July 2.

2014–2016: Demerger

On October 10, 2014, Symantec announced it planned to split the company into two parts. [6] The security business would remain with Symantec, and the information management business would be known as Veritas Technologies Corporation. The separation of the companies was completed on January 29, 2016. [7]

On August 11, 2015, Symantec announced the sale of its Veritas information management business to The Carlyle Group. [8] Veritas and Symantec achieved operational separation on October 1, 2015. The sale completed on January 30, 2016, when Veritas became a privately held company. [8] [9] The sale to go private was for $8 billion, and represented a mark-down on Symantec stock. [10]

2016: The new beginning

After the demerger from Symantec in 2016, Veritas rebranded itself as Veritas Technologies LLC. with a new logo. As CEO, Bill Coleman was able to transform the company to have "a startup, win-in-the-marketplace, customer-first culture" during the two-year turnaround. [11] On January 28, 2018, Veritas Technologies LLC. named Greg Hughes as its CEO. [12] With a new brand and a new CEO, Veritas Technologies planned to move its employees to its new headquarters in Santa Clara by the end of summer 2018. [13] In September 2020, Veritas Technologies LLC acquired Los Angeles–based software company Globanet. [14]

2024: Merger with Cohesity

Cohesity acquired Veritas in February 2024 for a deal valued at $7 billion, with Veritas being valued in the deal at $3 billion as per a Reuters report. [15]

Products and services

Lawsuits

In 1999, VERITAS Software Corp. (VERITAS US) and VERITAS Ireland entered into a cost-sharing agreement (CSA) which was the subject of litigation with the U.S. Internal Revenue Service. [17]

See also

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References

  1. ↑ "The Carlyle Group Closes Veritas Acquisition | Carlyle". www.carlyle.com. Retrieved 2024-08-21.
  2. ↑ Beeler, Jeffry (13 January 1986). "Eternity now fault tolerant". Computerworld. p. 37. Retrieved 9 March 2022.
  3. ↑ "Veritas Buys Pair of Software Firms". eWeek. 2002-12-19.
  4. ↑ Boulton, Clint (June 30, 2003), "Veritas Closes Precise Software Purchase", InternetNews.com, retrieved 2009-11-03
  5. ↑ "Symantec Buys Veritas in $13.5 Billion Deal". 16 December 2004.
  6. ↑ Robertson, Jordon (Oct 10, 2014), "Symantec to Split Into Storage, Security Companies", Bloomberg, retrieved 2014-10-10
  7. ↑ corporate press release, Symantec and The Carlyle Group Plan to Close Acquisition of Veritas January 29, 2016 , retrieved 2016-01-03
  8. 1 2 corporate press release, Symantec to Separate Into Two Focused, Industry-Leading Technology Companies, archived from the original on September 24, 2015, retrieved 2015-08-12
  9. ↑ corporate press release, Symantec and Veritas separation (PDF), archived from the original (PDF) on 2016-11-30, retrieved 2016-02-15
  10. ↑ Preimesberger, Chris (Aug 11, 2015), Veritas Goes Private for $8 Billion Following Split from Symantec , retrieved 2017-03-23
  11. ↑ "Veritas taps new CEO, saying two-year turnaround is complete – SiliconANGLE". SiliconANGLE. 2018-01-08. Retrieved 2018-05-04.
  12. ↑ Technologies, Veritas. "Veritas Names Greg Hughes as Chief Executive Officer". www.prnewswire.com. Retrieved 2018-05-04.
  13. ↑ "Veritas moving headquarters, hundreds of workers, to Santa Clara". The Mercury News. 2017-11-20. Retrieved 2018-05-04.
  14. ↑ "Veritas Acquires Globanet, Extending Its Leading Digital Compliance Portfolio". finance.yahoo.com. Retrieved 2020-09-29.
  15. ↑ Hu, Krystal; Sen, Anirban (2024-02-08). "SoftBank-backed Cohesity to buy Veritas data security unit, create $7 billion firm". Reuters.
  16. ↑ "Veritas Extends Cloud Capabilities Across Its Platform". www.veritas.com. Retrieved 2021-04-26.
  17. ↑ "Google Scholar".
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