SoftBank-backed Cohesity in $3 billion deal for Veritas' data protection unit

SoftBank-backed Cohesity in $3 billion deal for Veritas' data protection unit

SoftBank Group -backed Cohesity told Reuters on Wednesday it agreed to acquire the data protection business of information technology company Veritas, in a deal that sources said is worth about $3 billion, including debt.

Cohesity has raised about $1 billion from investors, including Haveli Investments, Premji Invest and Madrona, to help fund the transaction, one of the sources said, requesting anonymity because the companies are not disclosing financial terms.

Cohesity's artificial intelligence-powered software helps organizations protect and manage their data against cybersecurity threats.

Veritas is majority-owned by private equity firm Carlyle Group, that acquired the business from Symantec in 2016.