Cohesity

Company Overview & Fundamentals

is a prominent Silicon Valley-based technology company specializing in AI-powered data security, management, and hyperconverged backup solutions. Founded in 2013 by Mohit Aron (who also co-founded Nutanix), the company provides businesses with a unified cloud-scale platform to backup, recover, secure, and analyze their data across multi-cloud environments.

Key Corporate Highlights:

• Major Transformation: In late 2024, Cohesity completed a massive $3 billion structural merger, acquiring the enterprise data protection unit of Veritas Technologies from The Carlyle Group. This combined entity instantly turned Cohesity into one of the largest data protection software providers globally by market share.

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• Customer Base: The company manages data for over 12,000 customers globally, including nearly 70% of the Global 500 and over 85 of the Fortune 100.

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• Marquee Backers & Strategic Partners: Cohesity is backed by heavyweights like Sequoia Capital, SoftBank Vision Fund, and Haveli Investments. Notably, tech giants Nvidia and IBM made high-profile strategic investments in Cohesity’s Series F funding round to accelerate generative AI capabilities for enterprise data protection.

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IPO Status

• The Timeline: Cohesity initially made a confidential filing for an IPO back in late 2021. However, due to deteriorating macroeconomic environments and the massive task of absorbing Veritas, the public listing was put on hold.

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• Current Expectations: CEO Sanjay Poonen stated that Cohesity is eyeing an IPO window potentially in late 2026. The company’s strategy is to wait until it has a full year of integrated financial results under its belt post-merger. The company wants to enter the public market with the largest market share in the space, directly measuring its performance against its rival Rubrik (which went public in 2024).

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• Valuation: The combination with Veritas valued the merged entity at over $7 billion. In private secondary market trading (such as Forge Global), its private valuation has floated between $3.4 billion (Series F post-money base) and $4.69 billion depending on localized private equity metrics.

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Financials: Profit/Loss & Revenue Details

As a private entity, Cohesity is not legally bound to publish comprehensive quarterly 10-K profit and loss statements. However, following the completion of its Veritas merger, the company disclosed several pro forma financials:

• Revenue Performance: Following the merger, Cohesity became the fastest data protection player to scale past the $1.5 billion mark. On a pro forma adjusted basis, the combined company generated over $1.7 billion in revenue.

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• Annual Recurring Revenue (ARR): The company boasts an ARR of $1.5 billion, indicating a highly predictable, subscription-heavy enterprise software-as-a-service (SaaS) business model.

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• Profitability (EBITDA Margin): While exact Net Income (Net Profit/Loss) figures remain confidential, the company tracks profitability via its cash generation metrics. Cohesity reported a 28% adjusted cash EBITDA margin on its combined operations. This indicates the underlying operational business model is highly cash-flow positive, positioning them favorably to show strong margins to public investors ahead of the 2026 public listing.

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