Building an independent brand after a carve-out
Carlyle acquired Veritas from Symantec in a carve-out transaction worth $7 billion in 2016. Veritas is at the forefront of delivering next-generation information management solutions.
The Carlyle deal team knew that building an independent Veritas brand was a critical component of an ESG program focused on making Veritas an “Employer of Choice.”
Because the technology sector is quite advanced on ESG issues, and because the former owner had a mature ESG program, there were significant expectations from customers and employees for management to build ESG capacity at Veritas when it became a stand-alone company.
The Carlyle team has worked with Veritas management on driving ESG capacity and building the internal Veritas brand. Veritas has made noteworthy progress to date, including:
- Becoming signatories of the UN Global Compact, Women’s Empowerment Principles, EICC and Business Backs Low-Carbon USA Statement.
- Completing a Global Diversity Footprint and developing Employee Resource Groups to provide a forum for women and minorities to achieve their full potential and empower them to succeed. The company has 28% female employees overall, and 21% of its tech jobs are held by women, equaling or exceeding its peers. (“Tech jobs” is defined as engineering or product development roles in the organization.)
- Creating a comprehensive sustainability strategy while setting baseline data for key performance indicators (KPIs) for different priority focus areas, such as greenhouse gases, waste, pay equity and equipment purchasing. Veritas has also built additional capacity in the new company by assigning existing personnel new ESG responsibilities and hiring a mid-level ESG specialist.
Carlyle supported the new management team and engaged with Carlyle’s membership organization, Businesses for Social Responsibility, to provide ESG benchmarking data on Veritas peers and competitors. Veritas used this assessment—including insights into the role of UN Sustainable Development Goals in the telecom sector—to conduct a materiality assessment that included input from 30 Veritas employees, Carlyle’s Chief Sustainability Officer and various stakeholders.
As part of its evolving ESG focus, Veritas has also launched an internal environmental responsibility campaign emphasizing the “5Rs”: Refuse, Reduce, Reuse, Repurpose and Recycle.
Additional ESG initiatives include E-waste and equipment donation programs at various sites and a partnership with social enterprise Copia to reduce food waste.