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VERITAS ESTABLISHES REGIONAL HEADQUARTERS IN SINGAPORE

VERITAS Software Corporation, a leading storage software provider, announced the establishment of its regional operations headquarters to support its growing businesses in Asia Pacific and Japan. The regional headquarters, which will be based in Singapore, will support the operational needs of its key regional offices in Australia, China, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand, as well as research and development facilities in Pune, India.

According to IDC's 2003 Asia Pacific Semi-annual Infrastructure Management Software Tracker, VERITAS attained the No. 1 market leading position in storage software in Australia, India, Malaysia, Singapore and Taiwan. As part of VERITAS' efforts to further expand its worldwide leadership position across Asia Pacific and Japan, the company will provide the regions with operational support services, including general and administrative, marketing and operations functions from its Asia Pacific operations headquarters.

"Over the past five years, VERITAS has been committed to expanding geographically and has significantly grown its Asia Pacific and Japan operations to more than 1,100 employees, offices in 17 major cities, and revenues approaching $160 million," said Gary Bloom, chairman, president and CEO of VERITAS Software. "The opening of VERITAS' new Asia Pacific operations headquarters marks a significant milestone in the company's history that will allow VERITAS to further expand its presence in the Asia Pacific and Japan regions."

The establishment of an Asia Pacific operational support headquarters in Singapore will also allow VERITAS to streamline its fulfillment process to better serve its customers in the Asia Pacific and Japan regions.

"We welcome VERITAS' expansion plans in the Asia Pacific and Japan regions. The fact that VERITAS sees value in Singapore to establish its regional operations headquarters, from which it will support the rapidly growing storage software industry in the Asia Pacific and Japan regions, speaks volumes of our connectivity and competitiveness," said Teo Ming Kian, chairman of the Singapore Economic Development Board. "We believe VERITAS will benefit by leveraging Singapore's vast technology and business resources to grow and exploit new opportunities."