Friday, February 19, 2016

Veritas to Migrate Florida Facilities to India

The Carlyle Group closed on Veritas three weeks ago.  Their press release stated:

Veritas CEO Bill Coleman said, “I am thrilled with the possibilities for innovation and client service that we now have as a stand-alone company. We will continue to be the go-to source for solving organizations’ increasingly complex information management challenges. The global Veritas team, with Carlyle’s support, is ready to perform for our customers.”
American Bazaar reported:

Veritas has about 1,700 employees, with Pune, Maharashtra, being a major center. Coleman said he plans to migrate some of his facilities from Florida to India. 
Carlyle knows how to offshore to maximize profits.  Veritas savings are needed to pay interest and Carlyle's annual management fee.  It's the PEU affiliate way.

CEO Bill Coleman spoke Down Under:

He said the company would not be slashing jobs as a result of being owned by private equity, and would be building for long-term growth and a future IPO.

Rest assured Veritas is no stand alone.  It has a greedy sponsor.

Update 2-22-18:  Gone is Veritas big splashy meeting in Las Vegas.  Carlyle replaced it with a series of regional confabs.  Carlyle kicked upstairs the man that drove $800 million in value from Veritas prior to its PEU buyout.   He's now a Carlyle operating executive.