Article

Veritas CEO preps for product, sales expansion

Kate Evans-Correia

SANTA BARBARA, Calif. -- In his first official keynote address as Veritas Corp.'s CEO, Gary Bloom told an audience of investors at the Merrill Lynch Storage Technology Conference here Tuesday that his company has the potential to be a $5 billion to $7 billion company within the next several years.

Identifying a "multi-dimensional expansion" plan as the way to riches, Bloom, who joined Veritas in November from database giant Oracle, said the opportunity for growth will come through strategic, aggressive expansion. "I can see an easy path," he said. "There's room to play."

The Mountain View, Calif.-based company's current sales top $1.2 billion. Veritas beat analysts' estimates last week when it announced its fourth quarter earnings of $83.9 million on sales of $370 million - a 64% improvement from a year ago. According to Bloom, the company's financial position will continue to skyrocket. "We have a 17% clip rate and it's growing. Our product revenue is getting broader, not narrower."

"The point is, we're working toward being a full supplier," said Bloom. "We're adding additional products to our current line. We're developing new technologies. We're going to build more products, develop

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new technologies and embrace the new technologies. We should be the leader instead of the follower."

In addition, Bloom said Veritas will expand its platform offerings. Currently, Veritas supports only a handful of vendors, including Microsoft and Sun. The company is already increasing its support for Hewlett-Packard, which currently accounts for less than 10% of it installed base, and has IBM beta versions in the works. Bloom expects Veritas will support IBM within the year.

Veritas will aggressively target the untapped markets of Japan and Korea, which Bloom singled out as a huge area of growth. "We've barely scratched the surface," he said. "You'll start to see a substantial expansion in our products there. We've already started to get increased international business. We're entering this with more sales capacity. Hopefully, we'll see a 30% increase in that business."

For more information:

Veritas Software beats estimates

Bloom Could Steer Veritas Toward Acquisitions

New Veritas Chief Just Wanted Top Slot

Related Topics: Storage vendors, VIEW ALL TOPICS

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