SoftBank-Backed Cohesity Reaches Deal to Acquire Veritas Unit

Cohesity Inc., a data-management software company backed by SoftBank Vision Fund, reached an agreement to combine with the data protection business of Veritas Technologies, according to a statement reviewed by Bloomberg News.

The transaction is valued at $3 billion or perhaps more, according to people familiar with the matter who asked not to be identified because the details were private. The combined company will be valued at $7 billion, they said.

A representative for Cohesity declined to comment on the value of the transaction, which was reported earlier by Reuters. A spokesperson for Veritas didn’t immediately respond ...