Symantec Corp. (NASDAQ: SYMC) today announced Veritas Technologies Corporation as the name for its independent publicly traded information management company, which will be created following the completion of the previously announced separation into two companies. It also revealed a new logo for Veritas.
“Veritas remains a powerful brand that still has tremendous equity with our customers, partners and employees, and after careful review it was an easy choice as the name for our information management business,” said Michael A. Brown, Symantec president and chief executive officer. “While the name recalls the company’s heritage, the new logo signals that Veritas is ready to solve the most critical information challenges facing our customers today and tomorrow.”
The new logo design was influenced by the concepts of open, heterogeneous technologies that are required to harness the power of information, principles that are core to the future strategy of the new Veritas Technologies Corporation.
The new Veritas name and logo represent an established market leader, serving 75% of the Fortune 500 with a broad range of products that include backup and recovery software and appliances, storage management, clustering, disaster recovery, archiving and eDiscovery solutions. The Veritas business generated $2.5 billion in revenue for Symantec in fiscal year 2014. Veritas competes in markets that are an estimated $11 billion today, potentially expanding to $16 billion in 2018 with a CAGR of 7% from 2013 to 2018.
Winning in Information Management
The new Veritas Technologies Corporation has continued to build out its organization and evolve its product strategy, while serving customers with its industry-leading solutions. Veritas will continue to invest in and enhance those core products, but they will also serve as the foundation for new information availability and insight technologies that will help customers further unlock the value of their data to help drive business productivity. By extending current product capabilities, leveraging IP and building new coordinated architectures, Veritas will bring next-generation solutions designed for hybrid cloud environments to market throughout the upcoming year.