Category Archives: Veritas

Veritas warns of ‘databerg’ hidden dangers

Deep WebBackup specialist Veritas Technologies claims European businesses waste billions of euros on huge stories of useless information which are growing every year. By 2020 it claims the damage caused by this excessive data will cost over half a trillion pounds (£576bn) a year.

According to the Veritas Databerg Report 2015, 59% of data stored and processed by UK organisations is invisible and could contain hidden dangers. From this it has estimated that the average mid-sized UK organisation holding 1000 Terabytes of information spends £435k annually on Redundant, Obsolete or Trivial (ROT) data. According to its estimate just 12% of the cost of data storage is justifiably spent on business-critical intelligence.

The report blames employees and management for the waste. The first group treats corporate IT systems as their own personal infrastructure, while management are too reliant on cloud storage, which leaves them open to compliance violations and a higher risk of data loss.

The survey identified three major causes for Databerg growth, which stem from volume, vendor hype and the values of modern users. These root causes create problems in which IT strategies are based on data volumes not business value. Vendor hype, in turn, has convinced users to become increasingly reliant on free storage in the cloud and this consumerisation has led to a growing disregard for corporate data policies, according to the report’s authors.

As a result, big data and cloud computing could lead corporations to hit the databerg and incur massive losses. They could also sink under a prosecution for compliance failing, according to the key findings of the Databerg Report 2015.

It’s time to stop the waste, said Matthew Ellard, Senior VP for EMEA at Veritas. “Companies invest a significant amount of resources to maintain data that is totally redundant, obsolete and trivial.” This ‘ROT’ costs a typical midsize UK company, which can expect to hold 500 Terabytes of data, nearly a million pounds a year on photos, personal ID doc, music and videos.

The study was based on a survey answered by 1,475 respondents in 14 countries, including 200 in the UK.

Symantec to sell IM business Vertias for $8.9bn

Symantec is selling its IM business to an investor consoritum

Symantec is selling its IM business to an investor consoritum and refocusing on security

Digital security heavyweight Symantec announced this week it would sell its information management business, Veritas, to a group led by The Carlyle Group together with GIC, Singapore’s sovereign wealth fund, for a total of $8.3bn.

The move confirms Symantec will continue to focus on security following the announcement last October that the company would split in two, with its IM business and security business going separate ways.

“Since the Board first announced the separation of Veritas, we have been preparing the company to operate independently and evolving our business strategy, while continuing to deliver industry-leading solutions to our customers. We are thrilled to partner with The Carlyle Group and GIC, which have a strong track record of successfully growing businesses and share our dedication to Veritas’ strategy and success,” said John Gannon, Symantec executive vice president and Veritas general manager.

“Veritas will continue to provide next-generation information management solutions to serve the world’s largest and most complex environments, including multiple cloud deployments, managed services and on-premise infrastructure,” Gannon said.

Symantec expects to receive $6.3bn in cash for Veritas, and has authorized a $1.5bn increase to its existing share repurchase program, bringing the total to $2.6 billion, yielding a total of $8.9bn from the sale. Veritas was originally acquired by Symantec for $13.5bn in 2005.

Michael A. Brown, Symantec president and chief executive said: “This transaction strengthens our financial foundation, paving the way for Symantec to grow its security business and increase its lead as the world’s largest cybersecurity company. We believe the agreement with the investors, including The Carlyle Group and GIC, delivers an attractive and certain value for the Veritas business, and is in the best interests of all stakeholders.”

The divestment isn’t terribly surprising giving Symantec’s messaging at the tail end of last year. Upon announcing the company would split Brown said its security and IM businesses each face unique market opportunities and challenges.

“It has become clear that winning in both security and information management requires distinct strategies, focused investments and go-to market innovation,” he said at the time.

Now it seems Symentec is refocusing exclusively on security, and said the sale would give it a much needed cash influx to help it fund both organic and inorganic growth through targeted acquisitions.