Veritas, a name with which many channel partners are familiar, will soon again be its own entity.
Symantec, which bought Veritas in 2005, announced last fall that it would split into two publicly traded companies – one focused on security and the other on information management (IM). Now we’ve learned that the IM business will go by the name Veritas Technologies Corp. The security business will continue to be known as Symantec. Expect the transition to be complete by the end of the year.
Symantec’s Veritas business brought in $2.5 billion in sales last year. The company expects the information management market that Veritas competes in to be worth $16 billion just three years from now, up from $11 billion today.
Symantec President and CEO Michael Brown says settling on the Veritas name was a no-brainer considering its clout in the IT industry.
“Veritas remains a powerful brand that still has tremendous equity with our customers, partners and employees, and after careful review it was an easy choice as the name for our information management business,” Brown said.
Partners should expect Veritas to be aggressive with its product strategy this year; of note, new services designed for hybrid cloud environments – while at the same time remaining committed to its core storage products. Going forward, the new company’s IM services will be built around backup and recovery; archiving; eDiscovery, storage management and information availability.
“Our North American partners will continue to play a crucial role in the success of both businesses,” the company told Channel Partners. “It’s important to understand that we won’t be a separate legal entity until the end of this year, so we are still finalizing how the Veritas Partner Program will work. This being said, the Veritas team plans to roll out more information to partners during the current quarter.”
When first announced in October, Symantec said the creation of two standalone businesses would foster growth and drive shareholder value. With the IM business, it wants to reduce the cost of storage and management; create more business value for customers; help those customers reduce the mind-boggling proliferation of redundant and unused data; and enable more control of data across a company.
Splits like this might become a new IT trend. HP is in the process of dividing into two businesses – one focused on high-end enterprise systems, software and services; and another dedicated to personal computing systems and printing devices.
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August 16 2019 @ 22:30:02 UTC