Cisco names Veritas as potential partner
Cisco names Veritas as potential partner
Cisco Systems has named Veritas Software as one of three or four companies it wants to partner with to help it move into the storage networking industry.
Cisco CEO John Chambers was quoted at a Gartner event on Monday as saying there were "a number of players" that it wanted to partner with. "[Veritas] will probably be one of the companies Cisco partners with as it moves into data storage," he was quoted as saying by Reuters. "That company will probably be one of those three or four companies."
On the day of the announcement by Chambers, Veritas's stock was upgraded by analyst firm Punk, Ziegel & Co. from Accumulate to Buy. The company's shares are hovering at a price of under US$13, after starting the year at almost US$50.
Veritas's offerings in storage are restricted to software, whereas Cisco would most likely be interested in dominating the hardware side of storage networking. To this end, Cisco announced last month that it would acquire Andiamo Systems and sell its fabric-based switch technology.
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