VERITAS acquisition backs up SAN expertise
It's a backup thang
VERITAS Software is to acquire storage software specialist TeleBackup Systems. Following the takeover, TeleBackup's remote backup and restore product called TSInfoPRO is to be integrated with VERITAS' NetBackup solution. According to the companies, this will extend NetBackup's centrally managed backup/restore capabilities, thus giving VERITAS an opening in the remote Windows PC market. Mark Leslie, president and CEO of VERITAS Software, said: "As more and more users are working from home and from the road, and storing mission-critical data on their laptops and PCs, [this acquisition] will enable us to improve our coverage of the expanding enterprise." Byron Osing, president and CEO of TeleBackup, commented: "With the momentum surrounding VERITAS as the premier end-to-end storage management software company, we feel strongly that TSInfoPRO will become the industry standard for network backup of remote laptops and PCs". Under the terms of the deal, TeleBackup, all its research and employees etc, will become part of VERITAS in exchange for approximately 1.7 million shares of VERITAS stock. The swap is still subject to shareholder approval, but is expected to go ahead and be completed by the end of 1998. Both boards of Directors have approved the takeover.®
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