As Xerox announced its split, Veritas Technologies officially begins its journey as an independent company today led by CEO Bill Coleman.
While Coleman’s first day on the job is today, it was announced in August of 2015 that the BEA Systems CEO would be taking over and Bill Krause would become chairman during the Symantec sell off of Veritas to the Carlyle Group.
Coleman said the newly formed company is in a unique position in the cloud era as many organizations won’t own their data centre or their own applications.
Veritas already states it protects more than 86 per cent of Fortune 500 companies with its software.
If there is a stated priority for Coleman it will be in the back-up and recovery marketplace along with integrated appliances, information availability and archiving solutions. One of the new mandates from the Carlyle Group is to develop and accelerate new go-to-market solutions.
In a video message to employees and the customers, Coleman said “Information is the only asset of value in the 21st century in a changing world.”
He also took a shot at Amazon Web Services saying “the world is moving above the tech trends and IT enterprises do not care what is running underneath. They need to manage this end-to-end lifecycle. They are not going to be doing that sitting in Amazon exposing everything on everywhere else. They are going to do that from their enterprise.”
Coleman’s hope is for customers to position Veritas in information similar to the way Cisco is viewed in networking and Oracle is looked upon in databases.
“They are going to look at us for information empowerment. We are going to be the company that is going to empower them to use the information in a way that is benefiting them day-to-day and minute-to-minute. That is my goal,” Coleman added.
David Scott, former chairman and CEO of 3Par who was until recently senior vice president and general manager of the global HP storage business also joined the senior leadership team at Veritas today.
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Meanwhile Symantec shareholders As Xerox announces its going to split in two, Veritas Technologies officially begins its journey as an independent company led by a newly named CEO Bill Coleman.
While Coleman’s first day on the job is today, it was announced in August of 2015 that the BEA Systems CEO would be taking over and Bill Krause would become chairman during the Symantec sell off of Veritas to the Carlyle Group.
Coleman said the newly formed company is in a unique position in the cloud era as many organizations won’t own their data centre or their own applications. Other than your team, data is the most critical asset of value in the 21st century.
Veritas already states it protects more than 86 per cent of Fortune 500 companies with its software.
If there is a stated priority for Coleman it will be in the back-up and recovery marketplace along with integrated appliances, information availability and archiving solutions. One of the new mandates from the Carlyle Group is to develop and accelerate new go-to-market solutions.
In a video message to employees and the customers, Coleman said “Information is the only asset of value in the 21st century in a changing world.”
He also took a shot at Amazon Web Services saying “the world is moving above the tech trends and IT enterprise do not care what is running underneath. They need to manage this end-to-end lifecycle. They are not going to be doing that sitting in Amazon exposing everything on everywhere else. They are going to do that from their enterprise.
Coleman’s hope is for customer’s to position Veritas in information similar to the way Cisco is viewed in networking and Oracle is looked upon in databases.
“They are going to look at us for information empowerment. We are going to be the company that is going to empower them to use the information in a way that is benefiting them day-to-day and minute-to-minute. That is my goal,” Coleman added.
David Scott, former chairman and CEO of 3Par who was until recently senior vice president and general manager of the global HP storage business also joined the senior leadership team at Veritas today.
On the other side of Veritas Symantec separation story there are happy shareholders who learned Symantec would be receiving more than $5.3 billion in after-tax cash proceeds.
With that Symantec is on track to return more than $4 billion in capital to its shareholders by the end of March 2017. This includes:
- A $500 million accelerated share repurchase completed in January 2016;
- $1.8 billion remaining at the end of the third quarter from its previously announced share repurchase program; and
- The additional $2 billion of capital return from today’s close of the Veritas deal.
Symantec CEO Michael Brown released a statement saying: Symantec now has a clear path forward as the global leader in cyber-security. With the Veritas transaction completed, Symantec has the increased financial flexibility to maximize shareholder value through returning significant capital to shareholders and to consider acquisition opportunities that will accelerate our unified security strategy.