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Sanji Puon, CEO of Cosesity, is a former VMware director and President SAP.
Scott mill | Cnbc
Cogesitiestice data on data security is looking at the potential initial public offer in 2026 with ambitions to reach an assessment that rivals that it was publicly traded by $ 17 billion Column.
This step would mean an important milestone for Nvidia-The, it is, from the cohesion that postponed IPO plans in 2021 to first fulfill a difficult merge with its Veritas Data Protection Database, COSIES CEO Sanjay Poonen reports.
Such a transaction, which made the company the largest provider of data protection, closed in December 2024 and at the time evaluated the combined enterprise.
Poonen said the combination that collected its fast -wide but not generated firm with a large, very profitable Veritas was a risky but calculated deal.
“I made the calculation in 2022 that we could go to public, but in the midst of all these companies we would be less fish,” Pune said CNBC, citing competitors that included rubrics and Communal. “That’s not what I wanted.”
“We wanted to become the biggest fish, have the biggest market share, and then in public,” he said.
This fame was achieved when the cohesion, which previously occupied 5% of the market, acquired 14%, which was occupied by Veritas. According to RBC Capital Markets studies, the united subject is the leader of the market share with 19% of the very fragmented industry.
Poonen said the company would be ready to go to public as soon as the financial year as a combined subject, which may be immediately after the “beginning of next year,” will be able to provide investors in the state market.
The Chief Executive Director also noted that the financial year of Cosities in August, which means that the company could wait until the fall of 2026 for its IPO.
“I think if the business continues to work well as it is, 2026 will be a year,” Puon added.
Technological unicorns output
IPO and M&A activity among technology companies with $ 1 billion and above compared to last year. Crunchbase data show that 25 unicorns who came to the public or were purchased between May 2024 and May 2025, compared to 15 for the same period last year.
But analysts warned that the volatility of the stock market caused by macroeconomic factors – for example, a change in tariff policy or lack of stability due to the prospect of the interest rate – is likely to throw obstacles.
“While we saw some unicorn exit activities through IPOS and M&S since the beginning of the year … Macroeconomic volatility weighted out,” said Laia Marin and Sola, Barclays’ stock analyst in the July note client.
“Comparable or higher assessment”
Cosistice estimate expectations are focused on the headings, which became public in April 2024 and currently has a market cap of approximately $ 17 billion.
Currently, the company trades 12.75 cost to sale (P/Sales), while smaller peers are trading 7.16 times P/Sales, FactSet Data reports.
Poonen claimed that cohesion, as the largest formation after the merger, should be prescribed by “comparable or excellent assessment” if it can demonstrate similar performance indicators.
“We are a bigger ship than they are,” he said.
IPO around or exceeding the rubric assessment will mean that assessment assessment is probably more than twice from the fusion of 2023 with Veritas. This will lead to mass wrap for early investors such as Sequoia Capital, Wing Venture Capital, Battery Ventures, Accel Partners, as well as investors such as Softbank, Morgan Stanley Expansion Capital and Baillie Gifford.
However, Poonen said the focus of the management team was a favorable company. “We are the focus of attention is not the current price of the company’s stock,” Puon explained. Instead, he continued: “If you create a long -term customer value and a profitable growth, just comes an assessment. It just happens.”
During the year, which ends in July 2024, the cohesion had an annual profit of $ 1.5 billion and 28%, adjusted profit. Before the deal, cohesion grows slightly less than 30% compared to last year, while Veritas increased by 5%.
RBC Capital Markets analysts have noted that a combined company is expected in the middle of the teenagers.
AI double -legal impact on cybersecurity
While the growth of artificial intelligence sometimes increased the potential for cyberattack growth, II was also used to create the protection and closing of companies from increasingly complex incidents, and reducing the cost of the attacks. The average cost of data violation in 2025 decreased by 9% to just over $ 4.4 million in 2024, according to the IBM price report on the 2025 data violation.
“The use of II contributed to the reduction of the cost, but the incorrect introduction of the II and the use of Shadow AI introduced significant cybersecurity risks,” said JPMorgan Brian Essex analyst in the client’s note this month.
Despite the decrease in pressure on the cost of cyber -cathedrals, the sector continues to grow, as more and more companies are interpreting incidents in cybersecurity as a top priority. In the report earlier this year, the Fortinet security technology emphasized that four of the five major businesses plan to make cybersecurity at the C-Suite level over the next 12 months.
Game AI COGESITY
Cogesity growth also took advantage of a key partnership with Nvidia’s chips and investors.
The AI Cogeity flagship product, called GAIA, traditionally transforms the data that is previously considered “useless for AI purposes”, according to the RBC-in the Enterprise Search Assistant.
Poonen said Microsoft CEO Satya Nadel – Two Puon stated that she knew many years, given her previous experience as a senior ruler in Vmware and Germany SAP.
“We first implemented the rag to the backup,” Puon said. “That’s what Nvidia’s interest aroused. They got it immediately. They put money in the company to support us.”
Poonen added that a successful IPO would be an important step but not in the final game for its strategy.
“It’s a milestone. It’s a very important milestone, but it’s not a destination,” he said.
