That sentiment has been widely reflected by almost all the staff and attendees at a Veritas corporate event – they expect clarity, assurances, and a future with the company that weakened under Symantec. That is not to say that Symantec was a poor steward but to say that the reasons for the acquisition, and synergies it was supposed to bring, never really materialised.
The Asia Pacific and Japan (APJ) Partners Link conference in Macau was the first time the ‘new’ Veritas had faced its APJ partners since the announcement of its sale to the Carlyle Group for $8 billion. The acquisition will be complete by January 2016. Carlyle will likely take it to an IPO in two to three years so the pressure is on it get it [systems, structures, product, roadmap, and channel] right and to perform well.
George Wong, APJ leader opened by saying, “The future can be better than the past – only if we believe we can make it better.” Wong joined the company only 2.5 months ago and together with global CEO Bill Coleman is responsible for developing a deliverable vision.
In a video Veritas CEO Bill Coleman discussed his reasons for joining the company. "I was totally amazed going through the due diligence just how strong this company is. After being buried, under-resourced, and under-marketed for ten years, we now have number one market share in the biggest market - backup and retrieval, by 10 points, we have number market share in the next market, archiving, by nine points. This is a $2.5-billion-dollar business, with 31 per cent EBITDA, looking to 35 per cent over the next year. We have $700 million free cash flow for operations."
Veritas has adopted as its mantra ‘Its time’ and happily talk about the ‘new’ Veritas – a future focused, forward looking information management company that will help enterprise to harness the power of information via information availability and information insights.
It is very focused on its partners – the specialist value added resellers and dealers that service its customers - large enterprise, medium enterprise [its mainstay] and commercial markets. In the US 85% of its sales are via partners. In EMEA (Europe, Asia, Middle East and Africa) and APJ that figure is 95.5%.
In APJ it will limit its direct sales, has cut distribution to 33, managed partners to 267, set up six sales regions, and established three development centres and a whole of regional technical services and support structure.
It has more than 3,000 staff servicing 57,000 customers. Interestingly Australia is its second biggest market behind Japan.
Veritas is now focused on harnessing the power of information, regardless of where it resides by driving availability and revealing insights.
The author is guest and part of the APJ media/analyst team at Veritas’s Partner Link Conference in Macau. A series of articles will be published from this event.