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Seagate storage management arm to merge with Veritas

Merger to create world's largest network storage management company. Gosh

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Seagate's Software subsidiary has sold its Network and Storage Management Group to rival storage management specialist Veritas Software for $1.6 billion. The two operations will be merged into a single company headed by Veritas CEO Mark Leslie (as CEO and chairman) and Seagate Software president Terry Cunningham (as president 2300 staff. Veritas is to issue 33 million common shares to fund the purchase, which is expected to be done and dusted by the end of January 1999. "The merger of Seagate Software Network and Storage Management Group and Veritas will form a company with an immediate market leadership in four strategic storage management software areas: backup and recovery, core operating system level storage, storage resource management and high availability," said Leslie. "The union represents a rare opportunity to bring together compatible cultures with a common vision," he added. ® Click for more stories

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