Symantec christens its information management biz as Veritas

Cyber security solutions major Symantec today said it has named its information management business arm as Veritas Technologies Corporation.
In October, the California-based firm had said it would separate the company into two independent publicly traded companies -- one focused on security and the other on information management.
Veritas offers a range of products including backup and recovery software and appliances, storage management, disaster recovery, archiving and eDiscovery solutions.
In a statement, Symantec announced Veritas Technologies Corporation is the name for its independent publicly traded information management firm, which will be created following the completion of the previously announced separation into two companies.

"Veritas business generated USD 2.5 billion in revenue for Symantec in fiscal year 2014 (April 2013-March 2014). Veritas competes in markets that are an estimated USD 11 billion today, potentially expanding to USD 16 billion in 2018 with a CAGR of 7 per cent from 2013 to 2018," it added.
In fiscal 2014, Symantec Corporation recorded revenues of USD 6.7 billion.
Symantec President and CEO Michael A Brown said that while the name recalls the company's heritage, the new logo signals that Veritas is ready to solve the most critical information challenges facing its customers today and tomorrow.