Veritas completes split from Symantec
Information management vendor now a newly independent company following sale to investor The Carlyle Group
Symantec has today completed its sale of Veritas, which has relaunched as an independent company under the leadership of new chief executive Bill Coleman.
Earlier this month Symantec announced it had cut its sale price of Veritas to investor The Carlyle Group by $1bn following a "difficult environment". This coincided with Symantec releasing an 8-K filing which said it expects Veritas' net sales to be down considerably for its last quarter and also pointed to a number of difficulties it encountered with its separation from Symantec.
But today Veritas cheered its relaunch as an independent company, claiming it is in a strong position to take on the market.
Coleman, who has become the company's new CEO, said: "In the era of the cloud, many organisations won't own their datacentre and many might not even own their applications.
"Other than your team, data is the most critical asset of value in the 21st century. We are in a unique position as the company that manages and protects the world's information, and I am honoured to become part of the Veritas family to serve our customers and partners."
Coleman has previously held senior roles at data firm Briefcase Analytics and management consultancy Soundboard Review Services.
Although Veritas is today taken into private hands, it suggested at its partner conference in November that it will one day want to return to the public market.
Symantec CEO Michael Brown said following the completion of the Veritas sale, the company is in a good position to look at acquisitions.
"Symantec now has a clear path forward as the global leader in cybersecurity," he said. "With the Veritas transaction completed, Symantec has the increased financial flexibility to maximise shareholder value through returning significant capital to shareholders and to consider acquisition opportunities that will accelerate our unified security strategy."