Carlyle Group buys Veritas from Symantec for US$8bn

11 Aug 201518 Shares

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The acquisition of Veritas by Carlyle Group will enable Veritas to be a free-standing company

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Asset management firm The Carlyle Group has agreed to acquire the information management systems provider Veritas from IT security giant Symantec for US$8bn in cash.

The aim of the acquisition is to turn Veritas into its own free-standing company.

Carlyle has more than US$18bn of equity invested in 243 portfolio companies.

Veritas was founded in 1983 and is headquartered in Mountain View in California.

Its technology enables businesses to protect and manage critical IT infrastructure and applications.

More than 86pc of Fortune 500 companies use Veritas’ products and services.

Carlyle has appointed Bill Coleman, founder of BEA Systems, which was the fastest-growing software company ever to reach US$1bn in revenues, as the new CEO of Veritas.

“Our mission is to maintain our industry leadership position while accelerating growth by re-energising our product platform and by capitalising on emerging and next-generation technology as the data centre evolves,” Coleman said.

“I look forward to partnering with John Gannon, Matt Cain, Brett Shirk, and the rest of the existing leadership team to establish Veritas as a free-standing company and reinvigorate our culture to drive innovation and value creation.”

Information management image via Shutterstock

Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com