Nov 22, 2000

VERITAS Software and Seagate Technology Announce Completion of Multi-Company Transaction

MOUNTAIN VIEW and SCOTTS VALLEY, Calif. - VERITAS Software Corporation (Nasdaq: VRTS) and Seagate Technology today announced that the three-party transaction involving the sale of Seagate's operating assets to a company formed by a group of private equity firms led by Silver Lake Partners, followed by a merger between Seagate and a subsidiary of VERITAS Software, has closed.

For more information on the transaction, you can listen in to the VERITAS Software investor conference call on this topic to be hosted on Monday, November 27, 2000 at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time. VERITAS Software's management will also take the opportunity on the call to review the company's mid-quarter financial outlook. The conference call will be broadcast live via the Internet at The replay number for the call is 800-633-8284 or 858-812-6440 (#16895456).

The SEC maintains a website, located at, which contains reports, proxy and information statements and information statements and other information regarding each of VERITAS Software and Seagate, including the registration statement and joint proxy statement/prospectus regarding the business transaction referenced in the foregoing information. Investors and security holders of both VERITAS Software and Seagate are advised to read the joint proxy statement/prospectus regarding the transaction, because it contains important information. VERITAS Software and Seagate mailed the joint proxy statement/prospectus concerning the transaction to their respective stockholders on October 23, 2000. Such joint proxy statement/prospectus was filed with the SEC by both companies. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents filed by the companies at the SEC's web site at The joint proxy statement/prospectus and such other documents may also be obtained from VERITAS Software or Seagate by directing such requests to the respective investor relations contacts listed below.

About VERITAS The Data Availability Company™
VERITAS Software Corporation provides essential data availability software solutions that enable customers to protect and access their business-critical data for Business Without Interruption™. VERITAS Software's corporate headquarters is located at 1600 Plymouth Street, Mountain View, CA 94043. Telephone: 650-335-8000. Fax: 650-335-8050. Email: WWW site: .

About Seagate
Seagate is a leading provider of the Internet Infrastructure enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives, Storage Area Network (SAN) solutions and a leading developer of Business Intelligence software. Seagate can be found around the globe and at .

Seagate Technology and Seagate are the registered trademarks of Seagate Technology LLC. All other trademarks are the property of their respective owners.

This press release may include estimates and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These forward-looking statements involve a number of risks and uncertainties, including the risks and uncertainties described the Form S-4 filed with the SEC by VERITAS Software that are contained in the joint proxy statement/prospectus regarding the business transaction referenced in the foregoing information mailed to the stockholders of both companies, which could cause the actual results we achieve to differ materially from such forward-looking statements. For more information regarding potential risks, see the "Factors That May Affect Future Results" section of our most recent report on Form 10-Q on file with the SEC.

NOTE: VERITAS, VERITAS SOFTWARE, the VERITAS logo, Business Without Interruption, VERITAS The Data Availability Company, are trademarks or registered trademarks of VERITAS Software Corporation in the US and/or other countries. Other product names mentioned herein may be trademarks or registered trademarks of their respective companies.

CONTACT: Erin Jones, Public Relations, 805-783-4528, or, or Dave Galiotto, Investor Relations, 650-318-4047,, both of VERITAS Software Corporation; or Woody Monroy, Media Relations, 831-439-2838, or, or Bill Rowley, Investor Relations, 831-439-2371, or, both of Seagate Technology/ /Web site: /Web site: