Data security and management startup Cohesity experienced revenue growth of 26% for its latest fiscal year, Chief Executive Officer Sanjay Poonen said.

Cohesity is backed by the SoftBank Vision Fund and Nvidia Corp. The company closed the fiscal year with $549 million in revenue, representing 26% growth from a year prior, Poonen said. It also turned free cash flow positive in the fourth quarter of fiscal 2024.

The company is also in the midst of acquiring the data protection business of Veritas Technologies, a deal announced earlier this year. The combined company would be valued at $7 billion, Cohesity said. That deal is currently pending regulatory approvals.

In 2021, Cohesity said it filed confidentially for an initial public offering, a plan that remains in place, Poonen said.

Once closed, the deal with Veritas would make Cohesity “the biggest in our space,” Poonen said. “We have to close this transaction, that’s step one,” he said. “The next step is a public offering at the right time.”