Veritas Technologies

active

Software — Carlyle Group

Deal Terms

Entry Year2016

Entry EV$7.4B

Entry Multiple8x

Leverage7x

Debt Amount$5.3B

Outcome

PIK ActiveYES

Risk Metrics

LTV (est.)72%

Debt / EV0.72x

Notes

Carlyle acquired Veritas from Symantec for $7.4B (2016). Data management/backup software. $5.3B debt, 7x leverage. Legacy enterprise software with declining on-premise revenue. Cloud migration threatening core business. PIK toggle debt. Cohesity merger deal announced (2024) at significantly lower valuation. Carlyle facing losses.

Sponsor

Carlyle Group$435B AUM