Veritas Rakes in Record Revenue

By eweek  |  Posted 2003-07-23 Print this article Print

Sales of Veritas software for AIX and Linux platforms both improved, said officials.

Veritas Software Corp. announced a record $413 million revenue for its second quarter of 2003 today, keeping $49 million in profit, officials said. The figures are up from the first quarter, which saw $394 million in revenue with $43 million of income, and compared to last years quarter, which had figures of $365 million and $26 million. "Our performance this quarter marks the best in the history of Veritas," said Gary Bloom, CEO, chairman, and president. "We attribute our success to our market leadership, solid execution of our growth strategy, and diligent management of our business," he said, in Mountain View, Calif.
Sales of Veritas software for AIX and Linux platforms both improved, Bloom added. Both are relatively new expansion areas for the company.
Veritas, the specialist in heterogeneous storage management software, has spent the past year diversifying into application and server management. It closed the $609 million acquisition of application management vendor Precise Software Solutions Ltd. and also launched a rebranded version of the former Jareva Technologies Inc. OpForce software , both in late June. Veritas in the second quarter also finally revealed details of Service Manager, the master console by which users will administer its three divisions future products. To take it forward, Veritas has approximately $2.4 billion in cash and investments, officials said. That could be used for additional acquisitions, but immediately will be touched for up to $300 million in stock repurchasing, they said. The company will probably earn between $420-$430 million in the current quarter, they said. The company has 6,156 employees and expects that figure to grow slightly this year, they said. Veritas is also spending research and development funds on storage virtualization. Virtualization is the technology of managing disparate storage hardware as a single pool, and has gained recent traction from smaller companies. Veritas has marketed the technology in the past, and even published a book on the topic this quarter, but that used the non-standard definition of virtualizing drives within a single storage chassis.

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