AI Models Can Deceive by 'Alignment Faking', Researchers Warn
New study reveals AI models can pretend to have different views during training, highlighting potential threats to safety and trust in AI systems.
Reese Morgan
Data protection startup Cohesity has completed its merger with Veritas' enterprise data protection business, creating a single entity valued at $7 billion with 12,000 customers and $1.5 billion in annual recurring revenue. The deal, originally announced in February 2024, brings together two major players in the data protection industry, consolidating the market and positioning the new entity for future growth.
The merger was funded by a Series H round led by Haveli Investments, with participation from Coatue, Sapphire Ventures, and Dragon Fund, among others. Although the final deal terms were not disclosed, Cohesity had previously valued Veritas' data protection business at $3 billion. The rest of Veritas will remain owned by Carlyle.
Cohesity CEO and President Sanjay Poonen stated that the merger was driven by the need for consolidation in the fragmented data protection industry. When he joined Cohesity in August 2022, Poonen surveyed executives at other data protection companies, who shared his view that the industry was too fragmented and not large enough to support the dozens of players in the sector. Veritas' focus on enterprises and differentiated customer base made it an attractive acquisition target for Cohesity.
The combined entity will continue to invest in both Cohesity's and Veritas' products, including Veritas NetBackup, Veritas NetBackup appliances, and Veritas Alta data protection offerings. While product names will remain the same for now, the company will adopt a unified go-to-market strategy, training sales reps to sell both products and grouping them by vertical category. This approach will enable the company to achieve synergies and reduce costs without laying off sales reps.
The merger presents significant opportunities for cross-selling and expanding the customer base. With less than 5% numeric customer overlap between the two businesses, the combined entity can leverage Veritas' global footprint to sell Cohesity products and vice versa. Cohesity's CFO, Eric Brown, noted that the deal is a "one plus one is much greater than two" situation, allowing the company to tap into new markets and customer segments.
While market consolidation can lead to higher prices, Cohesity has no plans to change pricing or customer contracts. The company is focused on improving the customer experience and driving innovation, with Poonen stating that the merger puts Cohesity in a strong position for a future IPO. Although no specific timeline was shared, the deal marks a significant milestone in Cohesity's 11-year history.
Cohesity was founded in 2013 and has raised nearly $1 billion in venture capital from firms including Sequoia, Wing Venture Capital, and SoftBank. Veritas, originally part of Tolerant Systems founded in 1983, was purchased by the Carlyle Group for $8 billion in 2015. The merger marks a new chapter in the data protection industry, with the combined entity poised to drive growth and innovation in the years to come.
New study reveals AI models can pretend to have different views during training, highlighting potential threats to safety and trust in AI systems.
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