OREANDA-NEWS. Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has completed its acquisition of Veritas, an information management system provider, from Symantec Corp. (NASDAQ: SYMC) for $7.4 billion. The acquisition brings a new leadership team with seasoned technology executives Bill Coleman and Bill Krause as CEO and Chairman, respectively. The purchase agreement was first announced on August 11, 2015. Equity for the transaction came from Carlyle Partners VI together with GIC, Singapore's sovereign wealth fund, and other coinvestors.
Carlyle Managing Directors Cam Dyer and Patrick McCarter said, "Veritas is at the forefront of delivering next-generation information management solutions. Carlyle's deep industry expertise and global network position us well to support Bill and his team in this next phase of Veritas's growth and service to their customers."
Veritas CEO Bill Coleman said, "1 am thrilled with the possibilities for innovation and client service that we now have as a stand-alone company. We will continue to be the go-to source for solving organizations' increasingly complex information management challenges. The global Veritas team, with Carlyle's support, is ready to perform for our customers."
Veritas provides businesses with software and services to help them collect, protect, analyze and optimize their data, so organizations can make smarter decisions, manage risk and minimize expense growth. Today, Veritas is in the unique position of already protecting 86% of the global Fortune 500 and utilizing that visibility and intelligence to help drive better business results. Its information management portfolio has four primary product segments: backup and recovery, integrated appliances, information intelligence and information availability, and the company enjoys #1 or #2 market positions in the majority of its current product offerings.