FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo
NEW YORK (Reuters) -U.S. data security software firm Cohesity told Reuters on Wednesday it has agreed to acquire Veritas' data protection business in a deal that values the combined entity at $7 billion.
The cash and stock acquisition is expected to help Cohesity, which is backed by Japan's SoftBank Group, achieve positive growth margins and expand into international markets, Cohesity CEO Sanjay Poonen said in an interview, adding that the firms together have $1.6 billion in annual revenue.
