News
Cohesity Completes Merger with Veritas’ Enterprise Data Protection Business
Cohesity has announced the completion of its merger with Veritas’ enterprise data protection business, ushering in a new era in protecting the world’s data. Now the world’s largest data protection software provider by market share, Cohesity will serve over 12,000 customers – including over 85 of the Fortune 100 and nearly 70% of the Global 500 – and protect hundreds of exabytes of the world’s data. With the completion of this merger, Cohesity now offers the broadest workload support and one of the largest partner ecosystems in the data protection industry.
Cohesity has become the fastest data protection company to cross $1.5 billion in revenue, reaching that milestone in 11 years. On a pro forma adjusted basis for the fiscal year ending July 2024, the combined entity had revenue of over $1.7 billion, annual recurring revenue (ARR) of $1.5 billion, and a 28 per cent adjusted cash EBITDA margin.
“This is a major milestone in the 11-year history of Cohesity, whose mission is to protect, secure, and provide insights into the world’s data,” said Sanjay Poonen, President and CEO, Cohesity. “By combining Cohesity’s scale-out architecture and strong generative AI and security capabilities with Veritas’ broad workload support and extensive global footprint, our customers and partners stand to gain more value from their data than ever. As promised, we will honour our “no customer left behind” commitment, supporting existing products from both companies for years to come. As we begin this new chapter, we are committed to driving industry-leading cyber resilience innovations to ensure we are the world’s preeminent choice for data security with differentiated AI capabilities.”
“We want to congratulate Cohesity on completing their Veritas acquisition. NVIDIA is excited to partner with Cohesity as they build their GenAI products on top of the NVIDIA AI Enterprise,” said Jensen Huang, founder and CEO of NVIDIA. “Cohesity is backing up and protecting the world’s data – a goldmine of business value that customers can unlock with GenAI.”
“Bringing together Cohesity and Veritas’ data protection business – the largest deal in the data protection space to date – addresses the growing need in the market to go beyond backing up and recovering data to handle issues around data security and insights for more robust cyber resilience,” said Daniel Newman, CEO, The Futurum Group. “Cohesity now has the largest workload support with world-class security and insight capabilities, a large presence, and a massive joint ecosystem of service providers, VARs, SI partners, and OEMs. Sitting in a unique position at the junction of multi-cloud, security, and AI, Cohesity is on an ambitious growth trajectory, with an experienced leader in Sanjay at the helm. We believe the company will be a key player as they expand beyond data protection, helping global CIOs exploit the potential for AI and turn organizational data into a competitive advantage.”
The combination of Cohesity with Veritas’ data protection business provides:
- Industry-leading Innovation and Capabilities: The combined company will offer cloud-scale and AI-powered data security and management, Generative AI-driven insights, an easy-to-use management interface, and a comprehensive multi-cloud data protection portfolio. Cohesity now supports the broadest range of workloads within a highly scalable modern architecture.
- Peace of Mind for Current Customer Investments: For years to come, Cohesity will continue to invest in and advance the roadmap and strategy for all products brought from both companies into the new combined portfolio. This includes all existing Cohesity products and services and all the Veritas solutions covered by the combination agreement, including Veritas NetBackup, Veritas NetBackup appliances, and Veritas Alta data protection offerings.
- Global Scale and Support: With an industry-leading Net Promoter Score and a global go-to-market footprint, Cohesity now supports a combined global, “follow-the-sun” customer success organization. Cohesity is committed to helping enterprises succeed by consistently providing positive outcomes for customers’ support experience and needs.
- Advanced AI Capabilities: Patent-pending, first-to-market AI capabilities offer customers tremendous data management, protection, and resiliency benefits and help them gain more significant insights and create value for the whole company from their data.
- Strong Partner Ecosystem: The combined company brings together one of the industry’s largest partner ecosystems, covering cloud service providers, security players, VARs, system integrators, MSPs, technology ecosystem partners, distribution partners, and hardware OEMs.
Cohesity will target a total addressable market (TAM) of $40+ billion, which includes IDC’s data replication and protection software market. IDC’s’ Semiannual Software Tracker, 2024H1, estimates the data replication and protection software market to be $12.3 billion in projected vendor sales in 2024. The expanded go-to-market breadth, geographic footprint, and R&D resources will allow the combined company to accelerate new customer adoption and help drive the deployment of innovative solutions within the fast-growing data security and management segment. The transaction values the combined company at over $7 billion.
The combined company received support from current marquee investors, including Sequoia Capital, Softbank Vision Fund I, Wing Venture Capital, Premji Invest, and Madrona. The Carlyle Group, through its ownership of Veritas, is now one of the largest shareholders in the combined company. The transaction was funded by a Series H investment round led by Haveli Investments, which provided the majority of equity in the transaction and is now one of Cohesity’s largest shareholders. Coatue, Sapphire Ventures, and Dragon Fund were also key investors in the Series H investment round. This robust backing ensures the financial and operating resources essential for propelling the company’s growth, extending its global presence, and driving continued product innovation.
“We are thrilled to lead Cohesity’s latest investment round to fund this transformative transaction,” said Brian Sheth, CIO of Haveli Investments. “This combination creates a new data protection and cyber-resiliency powerhouse. We expect the resulting scale and combined resources to accelerate product innovation, extending Cohesity’s product leadership. I look forward to serving on Cohesity’s Board of Directors and working closely with Sanjay and the management team as we focus on taking Cohesity’s business to a new level of success.”
J.P. Morgan Securities LLC served as Cohesity’s exclusive M&A financial advisor, and JPMorgan Chase Bank, N.A., arranged and committed financing for the transaction. BofA Securities, Inc. also served as financial advisor to Cohesity. Simpson Thacher and Bartlett LLP and Gunderson Dettmer LLP served as primary legal advisors to Cohesity. Guggenheim Securities and Morgan Stanley & Co. LLC acted as financial advisors to Veritas. Alston & Bird LLP, Latham & Watkins LLP, and Wachtell, Lipton, Rosen & Katz served as Veritas’ primary legal advisors for the transaction.
Cyber Security
Sophos MDR Protects 26,000 Customers Globally with Latest Innovations
Sophos has announced that its Sophos Managed Detection and Response (MDR) service has reached a major milestone, now protecting more than 26,000 organizations globally, growing its customer base by 37% in 2024. This achievement highlights the increasing demand for Sophos’ proactive, expert-led security solutions, which help organizations of all sizes stay protected 24/7 against increasingly sophisticated cyber threats, including the most advanced ransomware, business email compromise (BEC) and phishing attacks.
Sophos MDR offers a comprehensive suite of capabilities that go beyond standard threat containment to include full-scale incident response, such as root cause analysis, the removal of malicious tools or artefacts used by attackers, and investigations across customers’ environments to ensure adversaries are fully ejected to prevent another attack. What further differentiates Sophos is that these incident response services are included with Sophos MDR on an unlimited basis, meaning customers are not additionally charged and there is no limit on the number of incident response hours. Sophos MDR Complete also includes a breach protection warranty covering up to $1 million in incident response expenses. Sophos provides flexibility for how customers can work with the MDR analysts, including the ability to pre-authorize them to contain an active threat.
Sophos has made significant investments into its MDR offering with increased analyst capacity, AI-assisted workflows, new features and expanded integrations to help deliver the best possible outcomes through improved protection, detection and investigation of threats. Sophos has added the following new features:
- Proof of Value: New Sophos MDR service insights to explain the MDR team’s actions including highlighting the human hours spent threat hunting and creating and tuning detections. High-value dashboard enhancements include details of MITRE ATT&CK tactics uncovered in proactive threat hunts conducted by Sophos’ MDR team, MDR analyst coverage, case investigation summaries and an account health check status.
- Enhanced Security for Microsoft Customers: New Sophos-proprietary detections for Microsoft Office 365 identify threats including business email compromise and adversary in the middle account takeover attacks, independent of the customer’s Microsoft license level.
- Expanded Compatibility with Third Parties: This expanded ecosystem of turnkey integrations with third-party cybersecurity and IT tools includes a new Backup and Recovery integration category.
- Proactive Vulnerability Mitigation: Sophos Managed Risk powered by Tenable provides attack surface vulnerability management as a new managed service option for Sophos MDR customers.
- Efficiency and Automation: Sophos MDR has added AI-powered workflows to streamline operational processes and drive better security outcomes for our customers. This innovation delivers a reduced mean time to respond (MTTR) through more efficient triage, while also ensuring that all legitimate threats are rapidly investigated. This enables analysts to concentrate on other tasks such as threat hunting, account health monitoring and detection engineering.
“Attackers are continuously advancing their tactics to outmanoeuvre traditional security defences,” said Rob Harrison, senior vice president of product management at Sophos. “Our customers rely on Sophos MDR to help their organizations tackle today’s threats 24/7 with full-scale incident response to remove active adversaries and conduct root cause analysis to identify the underlying issues that led to an incident. We’re consistently evolving our solutions with new offerings and integrations, just like attackers are constantly evolving their tactics, so customers can disrupt threats before they escalate into destructive attacks.”
Cyber Security
Group-IB Joins Cybercrime Atlas at WEF to Combat Global Cybercrime
Group-IB has announced today that it has joined the Cybercrime Atlas—an initiative hosted at the World Economic Forum—to contribute to the research of the evolving landscape of cybercrime, support the disruption of cybercriminal infrastructure and operations, and to enhance collaborations between local and international stakeholders to enhance cybersecurity globally.
The Cybercrime Atlas, hosted at the World Economic Forum’s Centre for Cybersecurity, leverages open-source research to generate actionable insights into the cybercriminal ecosystem. Its community comprises organizations pivotal in identifying and dismantling cybercriminal activities. This collaborative initiative seeks to build a global, action-focused repository of cybercrime intelligence, promoting cooperation among investigators, law enforcement, financial institutions, and businesses at both national and international levels. Group-IB’s analysts have already begun contributing to Cybercrime Mapping, and Cybercrime Investigation Working Groups.
“Joining the Cybercrime Atlas initiative is not just an opportunity – it’s a responsibility. In a world where cyber threats transcend borders, collaboration is our most powerful defence. By uniting with the Cybercrime Atlas community and other key stakeholders, we connect expertise and critical intelligence, creating a united front that can disrupt criminal networks and make the digital world a safer place for everyone,” said Dmitry Volkov, CEO, Group-IB.
“The Cybercrime Atlas is a collaborative research initiative by leading companies and experts, facilitated by the World Economic Forum, to map the cybercrime landscape. The insights generated are promoting opportunities for greater cooperation between the private sector and law enforcement to address cybercrime,” said Tal Goldstein, Head of Strategy and Policy, World Economic Forum’s Centre for Cybersecurity.
Cyber Security
ESET Research Discovers UEFI Secure Boot Bypass Vulnerability
ESET researchers have discovered a vulnerability, affecting the majority of UEFI-based systems, that allows actors to bypass UEFI Secure Boot. This vulnerability, assigned CVE-2024-7344, was found in a UEFI application signed by Microsoft’s “Microsoft Corporation UEFI CA 2011” third-party UEFI certificate. The exploitation of this vulnerability can lead to the execution of untrusted code during system boot, enabling potential attackers to easily deploy malicious UEFI bootkits (such as Bootkitty or BlackLotus) even on systems with UEFI Secure Boot enabled, regardless of the operating system installed.
ESET reported the findings to the CERT Coordination Center (CERT/CC) in June 2024, which successfully contacted the affected vendors. The issue has now been fixed in affected products, and the old, vulnerable binaries were revoked by Microsoft in the January 14, 2025, Patch Tuesday update.
The affected UEFI application is part of several real-time system recovery software suites developed by Howyar Technologies Inc., Greenware Technologies, Radix Technologies Ltd., SANFONG Inc., Wasay Software Technology Inc., Computer Education System Inc., and Signal Computer GmbH.
“The number of UEFI vulnerabilities discovered in recent years and the failures in patching them or revoking vulnerable binaries within a reasonable time window shows that even such an essential feature as UEFI Secure Boot should not be considered an impenetrable barrier,” says ESET researcher Martin Smolár, who discovered the vulnerability. “However, what concerns us the most concerning the vulnerability is not the time it took to fix and revoke the binary, which was quite good compared to similar cases, but the fact that this isn’t the first time that such an unsafe signed UEFI binary has been discovered. This raises questions of how common the use of such unsafe techniques is among third-party UEFI software vendors, and how many other similar obscure, but signed, bootloaders there might be out there.”
Exploitation of this vulnerability is not limited to systems with the affected recovery software installed, as attackers can bring their copy of the vulnerable binary to any UEFI system with the Microsoft third-party UEFI certificate enrolled. Also, elevated privileges are required to deploy the vulnerable and malicious files to the EFI system partition (local administrator on Windows; root on Linux). The vulnerability is caused by the use of a custom PE loader instead of using the standard and secure UEFI functions LoadImage and StartImage. All UEFI systems with Microsoft third-party UEFI signing enabled are affected (Windows 11 Secured-core PCs should have this option disabled by default).
The vulnerability can be mitigated by applying the latest UEFI revocations from Microsoft. Windows systems should be updated automatically. Microsoft’s advisory for the CVE-2024-7344 vulnerability can be found here. For Linux systems, updates should be available through the Linux Vendor Firmware Service.
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