Veritas Technologies LLC is an American international

data management Data management comprises all disciplines related to handling data as a valuable resource, it is the practice of managing an organization's data so it can be analyzed for decision making. Concept The concept of data management emerged alongsi ...

company headquartered in

Santa Clara, California Santa Clara ( ; Spanish language, Spanish for "Clare of Assisi, Saint Clare") is a city in Santa Clara County, California. The city's population was 127,647 at the 2020 United States census, 2020 census, making it the List of cities and towns i ...

. 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 A journaling file system is a file system that keeps track of changes not yet committed to the file system's main part by recording the goal of such changes in a data structure known as a " journal", which is usually a circular log. In the ev ...

, VxFS, VxVM, VCS, the personal/small office backup software

Backup Exec Veritas Backup Exec is a data protection software product designed for customers with mixed physical and virtual environments, and who are moving to public cloud services. Supported platforms include VMware and Hyper-V X86 virtualization, virtual ...

and the enterprise

backup In information technology, a backup, or data backup is a copy of computer data taken and stored elsewhere so that it may be used to restore the original after a data loss event. The verb form, referring to the process of doing so, is "wikt:back ...

software Software consists of computer programs that instruct the Execution (computing), execution of a computer. Software also includes design documents and specifications. The history of software is closely tied to the development of digital comput ...

, NetBackup. Veritas Record Now was an early CD recording software. Before merging with Symantec (now known as

Gen Digital Gen Digital Inc. (formerly Symantec Corporation and NortonLifeLock Inc.) is a multinational software company co-headquartered in both Prague, Czech Republic (European Union, EU) and Tempe, Arizona (United States, USA). The company provides comp ...

) in 2004, Veritas was listed on the

S&P 500 The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...

and the

NASDAQ-100 The Nasdaq-100 (NDX) is a stock market index made up of equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange. It is a modified capitalization-weighted index. The stocks' weights in the inde ...

under the VRTS ticker symbol. In 2014, Symantec announced that it would demerge its

information management Information management (IM) is the appropriate and optimized capture, storage, retrieval, and use of information. It may be personal information management or organizational. Information management for organizations concerns a cycle of organiz ...

business as Veritas Technologies LLC, to focus on security. It was purchased as part of the

demerger A demerger is a form of corporate restructuring in which the entity's business operations are segregated into one or more components. It is the converse of a Mergers and acquisitions, merger or acquisition. A demerger can take place through a cor ...

by the

private equity firm A private equity firm or private equity company (often described as a financial sponsor) is an investment management company that provides financial backing and makes investments in the private equity of a Startup company, startup or of an existin ...

The Carlyle Group The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management. Carlyle specializes in ...

for $8 billion in cash in 2016. 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 Intel Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California, and Delaware General Corporation Law, incorporated in Delaware. Intel designs, manufactures, and sells computer compo ...

) 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 Unix (, ; trademarked as UNIX) is a family of multitasking, multi-user computer operating systems that derive from the original AT&T Unix, whose development started in 1969 at the Bell Labs research center by Ken Thompson, Dennis Ritchie, a ...

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." 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 RAID (; redundant array of inexpensive disks or redundant array of independent disks) is a data storage virtualization technology that combines multiple physical Computer data storage, data storage components into one or more logical units for th ...

systems by incorporating a

and multiple copies of the disk drive content. Veritas Logo neu

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 AT&T Inc., an abbreviation for its predecessor's former name, the American Telephone and Telegraph Company, is an American multinational telecommunications holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the w ...

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 The Sun is the star at the centre of the Solar System. It is a massive, nearly perfect sphere of hot plasma, heated to incandescence by nuclear fusion reactions in its core, radiating the energy from its surface mainly as visible light a ...

, 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 An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

(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. * Tidalwave Technologies Acquisition: In 1995 the company acquired Tidalwave Technologies, a small San Francisco–based company for $4.2 million in stock. Tidalwave specialized in cross-platform

High Availability High availability (HA) is a characteristic of a system that aims to ensure an agreed level of operational performance, usually uptime, for a higher than normal period. There is now more dependence on these systems as a result of modernization ...

(HA) Software and thus entered the HA business. * OpenVision Acquisition: In 1997 the company acquired OpenVision Technologies, another public company of the same size, and thus entered the backup business. Although the company only retained $20 million of OpenVision's 1996 base, it completed the 1997 year at $120 million. It was during this high growth period that the Veritas Board decided to consolidate the various business locations into a 550,000 sq ft facility in Mountain View, CA. Ernst & Young Consultants led by David Bentley as the project manager were brought in to lead this effort and soon hired HOK as the architect and Rudolf and Sletten as the

general contractor A contractor (North American English) or builder (British English), is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the c ...

. The new facility was completed in 2000. * Seagate NSMG Acquisition: The company achieved $200 million in 1998, and in 1999 acquired the backup business from Seagate Software, which was also approximately $200 million in 1998. In 1999 the combined company achieved revenues of $700 million, and became the undisputed leader in the Storage Management Software industry. In 2000 the company achieved revenues of $1.2 billion, was added to the S&P 500, became a

Fortune 1000 {{location map+ , United States , float=right , width=400, relief=1 , caption=''Fortune'' 1000 company headquarters locations. Top 20 companies labeled, places= {{location map~ , United States , lat= 36.365378 , long= -94.217629 , label= Walmart, ...

company, and became the tenth largest software company in the world by revenues, and third largest by market capitalization. * Internet Bubble: In 2001 the industry went through a major downturn as the internet bubble burst. Nonetheless the company was able to achieve revenue growth of 25% to $1.5 billion, and operating margins of 25%. * Growth of 42X: Through this accelerated growth, Veritas went from a $36 million company to a $1.5 billion company, a growth multiple of 42X in five years. * April 1997 – Acquired OpenVision Technologies. This included NetBackup. * May 1999 – Acquired the Network and Storage Management Group of Seagate Software. This included

. * August 2003 – Acquired Israel's Precise Software Solutions, one of the

Application Performance Management In the fields of information technology and systems management, application performance management (APM) is the monitoring and management of the performance and availability of software applications. APM strives to detect and diagnose complex appli ...

(APM) leaders, for about $400 million in cash and 7.4 million shares of its stock for a total of about $609 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 Light rail (or light rail transit, abbreviated to LRT) is a form of passenger urban rail transit that uses rolling stock derived from tram technology National Conference of the Transportation Research Board while also having some features from ...

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. Veritas and Symantec's

shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...

s 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. 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. On August 11, 2015, Symantec announced the sale of its Veritas information management business to

. Veritas and Symantec achieved operational separation on October 1, 2015. The sale completed on January 30, 2016, when Veritas became a privately held company. The sale to go private was for $8 billion, and represented a mark-down on Symantec stock.

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. On January 28, 2018, Veritas Technologies LLC. named Greg Hughes as its CEO. 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. In September 2020, Veritas Technologies LLC acquired Los Angeles–based software company Globanet.

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. The acquisition was completed in December 2024.

Products and services

* Veritas Alta * Access * VxFS and VxVM * NetBackup *NetBackup Appliances *

* Cluster Server (VCS) * Enterprise Vault * Volume Replicator (VVR) * SANPoint * eDiscovery Platform *APTARE IT Analytics™ *CloudPoint *SaaS Backup *Desktop and Laptop Option *Flex Appliance *Information Studio *Data Insight * Veritas Infoscale, data management such as HyperScale for OpenStack * Resiliency Platform * Hubstor

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.

References

External links

* {{Authority control Software companies based in the San Francisco Bay Area Companies based in Santa Clara, California 1983 establishments in California Private equity portfolio companies American companies established in 1983 Software companies established in 1983 Gen Digital acquisitions 1993 initial public offerings 2004 mergers and acquisitions 2016 mergers and acquisitions 2024 mergers and acquisitions The Carlyle Group companies Software companies of the United States