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VMware veteran takes helm of pre-IPO software company Cohesity, though market debut is on hold

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Sanjay Poonen, who spent eight years as a VMware executive, said Cohesity is positioned to pick up business as it faces incumbents such as Dell.

in a 2020 financing round, filed confidentially for an IPO late last year, when the tech market was on a tear.

The mood has changed dramatically in 2022, and the market sell-off has resulted in much lower multiples for software makers both private and public. "As a new-coming CEO, you don't want to be in a frothy situation," Poonen said. "It's a great time to join, because there's only upside going forward." He said there's no specific timetable for a share sale for the company, which has more than 2,100 employees.

"No one knows the time," he said. "We watch that carefully. Everyone's in the same boat, evaluating what's the right time."and Veritas are the main incumbents. But there's also a set of emerging companies built for the cloud era. In addition to Cohesity, that group includes Druva and Rubrik.

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