EQT Infrastructure to partner with EdgeConneX to develop data centers for global hyperscale customers

eqt

This investment will enable expansion into new markets around the world to fulfill customers’ global data center capacity requirements and become their provider of choice

This new partnership will build out hundreds of megawatts of new data center capacity to support future cloud, AI and other critical digital infrastructure requirements

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has agreed to partner with EdgeConneX to build and operate high-powered and purpose-built data centers for hyperscale customers around the world, expanding into new markets. EdgeConneX is a leading data center provider backed by funds EQT Infrastructure IV and EQT Infrastructure V.

Since EQT’s acquisition in 2020, EdgeConneX has more than tripled its capacity and expanded into Asia, Latin America and new European markets. Today, the company has a global footprint of 80 data centers in operation or development in more than 50 markets across North America, Europe, APAC and South America.

The continued growth of the data center industry is supported by key trends including digitalization, cloud adoption and the rise of artificial intelligence (AI). It is estimated that the capacity needed to serve AI-focused deployments will triple by 2030. This investment by EQT Infrastructure VI, in partnership with EdgeConneX, intends to build out hundreds of megawatts of data center capacity necessary to support hyperscale customers and the world’s digital economies.

Jan Vesely, partner within EQT Infrastructure’s Advisory team, said, “With the support of EQT Infrastructure’s global presence, industry expertise and dedication to sustainable growth, EdgeConneX together with this new initiative is well-positioned to be a leading provider of critical digital infrastructure worldwide. EdgeConneX is a pioneering data center solutions provider, and its team has the proven track record and deep experience necessary to help lead this expansion and meet hyperscale customers’ needs around the world.”

EdgeConneX CEO Randy Brouckman said, “We have always taken a customer-centric approach, focused on giving our customers the capacity they need, in the right configuration, in the right markets, at the right time. Amid the rapid proliferation of data and compute, data centers are the critical infrastructure housing and connecting the technologies, the companies, and the end-users, thus enabling the future growth of the world’s digital economies. With the support of EQT’s deep local presence in critical markets around the world, EdgeConneX has expanded rapidly, and we’re excited about the opportunities this new partnership with EQT will unlock.”

With this transaction, EQT Infrastructure VI is expected to be 30-35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management) within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
More info:www.eqtgroup.com
Follow EQT onLinkedIn,X,YouTube andInstagram

About EdgeConneX
Backed by EQT Infrastructure, part of the global investment organization EQT, EdgeConneX provides a full range of sustainable data center solutions worldwide. We work closely with our customers to offer choices in location, scale, and type of facility, from Hyperlocal to Hyperscale. EdgeConneX is a global leader in anytime, anywhere, and any scale data center services for a diverse portfolio of industries, including Cloud, AI, Content, Networks, and more. With a mission predicated on taking care of our customers, our people, and our plante, EdgeConneX strives to Empower Your Edge.
More info:www.edgeconnex.com

Categories: News

Tags:

Digital Realty and Blackstone Announce $7 Billion Hyperscale Data Center Development Joint Venture

Blackstone

JV will deliver approximately 500 megawatts of IT capacity across three Tier 1 metros in Europe and North America

Austin, TX and New York – December 7, 2023 – Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, and Blackstone Inc. (NYSE: BX) announced today that Blackstone-affiliated funds led by Infrastructure, Real Estate and Tactical Opportunities have agreed to establish a joint venture with Digital Realty to develop four hyperscale data center campuses across three metro areas on two continents. The developments are expected to support approximately 500 megawatts (MW) of total IT load upon full build out of all campuses. Blackstone will acquire an 80% ownership interest in the joint venture for approximately $700 million of initial capital contributions, while Digital Realty will maintain a 20% interest. Subsequent to closing, the joint venture parties will fund their pro rata share of the remaining development costs. Digital Realty will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees.

The four hyperscale data center campuses are located in Frankfurt, Paris and Northern Virginia and have a total estimated development cost of approximately $7 billion over the course of the next several years. The campuses are planned to support the construction of 10 data centers with approximately 500 MW of potential IT load capacity. Of this capacity, 46 MW is under construction and is 33% pre-leased. The remaining land capacity is in varying phases of pre-construction and is expected to be developed to meet customer demand. Approximately 20% of the total potential IT load capacity is expected to be delivered through 2025, with the balance expected to be delivered in 2026 and beyond.

“By partnering with Blackstone, the world’s largest alternative asset manager, Digital Realty is better able to deliver capacity to meet the burgeoning demand of our hyperscale customers, by accessing a deep pool of likeminded private capital,” said Andy Power, President and Chief Executive Officer of Digital Realty. “Digital Realty is focused on executing on the sizable opportunity that lies ahead and this partnership helps to accelerate the monetization of nearly 20% of our industry-leading land bank.”

Greg Wright, Chief Investment Officer of Digital Realty, added, “Partnering with Blackstone marks the culmination of a record year of capital recycling and aptly reflects the shift in our funding strategy, to diversify our sources of capital and bolster our balance sheet in order to capitalize on the significant opportunity that lies ahead.”

Jon Gray, President & COO of Blackstone, said, “Data centers are experiencing once-in-a-generation demand growth, driven by cloud adoption and the AI revolution. Digital infrastructure is one of our highest conviction investment themes as a firm, and this transaction with a trusted data center operator in Digital Realty is another example of how we are investing behind this trend.”

Greg Blank, Senior Managing Director at Blackstone Infrastructure, and Mike Forman, Managing Director at Blackstone Real Estate, added, “Blackstone’s deep pools of capital and extensive sector experience position us to capitalize on the explosive growth in data. We look forward to partnering with Digital Realty to develop high-quality data centers in top markets around the world.”

The joint venture is scheduled to close in two stages over the course of the first half of 2024, subject to certain regulatory and other approvals, as well as other customary closing conditions.

Advisors
Latham & Watkins is serving as Digital Realty’s legal counsel. Simpson Thacher & Bartlett LLP is acting as Blackstone’s legal counsel.

About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions.  PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

For Additional Information

Investor Relations
Jordan Sadler / Jim Huseby
Digital Realty
+1 737 281 0101
InvestorRelations@digitalrealty.com

Media Contacts
Helen Bleasdale
Digital Realty
+1 737 267 6822
hcbleasdale@digitalrealty.com

Blackstone
Paula Chirhart
+1 646 583 6684
paula.chirhart@blackstone.com 

Jeffrey Kauth
+1 212 583 5395
jeffrey.kauth@blackstone.com

Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause the Digital Realty’s actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors:  timing of the closing of the joint ventures; the development timing and cost of the campuses; potential IT load capacity; the satisfaction of customary closing conditions; and other risk factors relating to the industries in which Digital Realty operates, as detailed from time to time in each of Digital Realty’s reports filed with the Securities and Exchange Commission. There can be no assurance that the proposed transactions will be consummated on the terms described herein or at all.  For a list and description of such risks and uncertainties, see the reports and other filings by Digital Realty with the U.S. Securities and Exchange Commission. Digital Realty disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Categories: News

Tags:

DIF investee company Tonaquint acquires EdgeX Data Centers in Oklahoma City

DIF

Premier data centre solutions provider expands geographic footprint.

DIF Capital Partners’ (DIF) investee company Tonaquint Data Centers (Tonaquint) has acquired EdgeX Data Centers (EdgeX), adding a further site to its portfolio of data centres in the United States.

Tonaquint is a specialised data centre provider offering cloud, colocation, backup, disaster recovery and network-as-a-service solutions to mid-market organisations through its facilities in the Mountain West and Southwest regions of the United States.

This acquisition adds another data centre to Tonaquint’s existing platform in Boise, Idaho and St. George, Utah, and enables Tonaquint to extend its robust portfolio into the rapidly growing Oklahoma City market, and adjacent markets. Tonaquint was acquired by DIF in December 2022.

The EdgeX facility is a purpose-built Tier III data centre, comprising 65,000 square feet in total, including two 10,000 square foot data halls, situated on a highly secure 4-acre campus. The facility has the ability to deliver water-chilled cooling for high density workloads.

Tonaquint plans to commission a minimum of 2.5 MW of critical IT load, via a phased approach, in the first year of operations. With an expansion capability of up to 12MW, the EdgeX facility holds significant future upside.

Strategically located near Will Rogers World Airport, the EdgeX facility utilizes the same electrical grid that powers the airport and is designed to withstand tornado-force winds of up to 310 mph, positioning it to provide 100% uptime.

As part of the transaction, Terry Morrison, Co-Founder and CTO of EdgeX, will join Tonaquint as COO and CTO.

Willem Jansonius, Partner at DIF and Tonaquint board member said: “This acquisition is a great step towards further building out the Tonaquint platform and expanding into underserved markets. We welcome Terry Morrison to join the strong management team at Tonaquint. Data centres form an important part of DIF’s investment strategy. We believe the investment offers substantial opportunities for value enhancement in the coming years, combined with reliable cash flows from high-quality contracts.”

Matt Hamlin, CEO of Tonaquint said: “Working with the EdgeX team has been an absolute pleasure. This transaction will enable Tonaquint to accelerate its growth and expand the service offering to our clients.”

John Parsons, Co-Founder of EdgeX said: “We are thrilled to be able to bring EdgeX together with Tonaquint and are excited about continuing to work with them to extend the capabilities of the Tonaquint platform into the very vibrant Oklahoma City market.”

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with ca. EUR 16 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower-risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital infrastructure, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu or follow us on LinkedIn.

 

About Tonaquint

Tonaquint was founded in 2008 in St. George, UT, and entered the Boise, ID, market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. Tonaquint provides a comprehensive set of data center solutions to a diverse and growing client base in the technology, healthcare, financial services, and industrial sectors, in high growth and emerging markets. In December 2022, DIF Capital Partners acquired Tonaquint, to enable Tonaquint to continue its growth. To learn more and get connected, visit tonaquint.com.

 

About EdgeX

EdgeX was founded in 2021, after acquiring a facility originally built by Devon Energy. EdgeX provides resilient facilities for businesses with demanding uptime, scalable compute, storage, and content distribution requirements, across the financial services, digital content distribution, and insurance verticals. For more information, please visit https://edgexdc.com/about-us.

 

Press contacts:

DIF Capital Partners: press@dif.eu

Tonaquint: jsa_tonaquint@jsa.net

Categories: News

Tags:

Baird Capital Invests in JMAN Group

Baird Capital
CHICAGO/LONDON (1 June 2023) – Today, JMAN Group (“JMAN”), an international commercially focused data consultancy, announced a minority investment from Baird Capital’s Global Private Equity Fund. The investment supports the continued expansion of JMAN’s range of data-led solutions for clients, as well as international growth, with a specific focus on North America. Financial details of the transaction were not disclosed.Founded in 2013, JMAN delivers a range of solutions combining consulting, data science and data engineering capabilities that address the growing need for investment and value creation initiatives to be driven by data, at pace. JMAN combines the commercial mindset of a management consultancy with the agility and skillset of a technology company to value creation solutions across sectors and geographies, with a primary focus on the Private Equity industry. JMAN currently has two operational footprints, one in London, United Kingdom and the other in Chennai, India, serving clients in UK, mainland Europe and North America.“Given Baird Capital’s experience in supporting their portfolio companies with expansion into new markets, we believe this is a natural partnership given our intention to grow further internationally,” said Anush Newman, Co-Founder & CEO at JMAN Group. “We’ve experienced phenomenal growth since 2019 and proved ourselves as a leader in the provision of data-driven services and solutions that deliver value, in a fast, flexible and commercially focused manner. We can’t wait to work with Baird to push our boundaries and continue to build a globally recognised world-class team.”

“JMAN’s culture, global footprint and US expansion plans are a great complement to Baird Capital,” said Michael Holgate, Partner with Baird Capital’s Global Private Equity team. “Anush and Michael [LeoValan] have built a fantastic business and we are delighted to be partnering with them. Long-term demand drivers for Data Strategy, Analytics and Engineering are strong and we are excited to support JMAN’s ambition to become a leading global player in this market.”

Baird Capital was advised by Eversheds Sutherland (Legal), Canaccord Genuity (Corporate Finance), Armstrong (Commercial Diligence), Ernst & Young LLP (Financial & Tax), Seedcloud (Technical), BDO (Tax), New Street Consulting (Management), WTW (Insurance) and Humatica (Organisation); JMAN was advised by Alantra (Corporate Advisory), Grant Thornton (Tax) and Gowlings (Legal).

About JMAN Group

Founded in 2013, JMAN Group (“JMAN”) is an international commercially focused data consultancy. JMAN delivers a range of solutions-with a primary focus on the Private Equity industry- combining consulting, data science and data engineering capabilities that address the growing need for investment and value creation initiatives to be driven by data, at pace. JMAN currently has two operational footprints, one in London, United Kingdom and the other in Chennai, India, serving clients in UK, mainland Europe and North America. Learn more at https://jmangroup.com/.

About Baird Capital

Baird Capital manages two investment platforms: Global Private Equity and U.S. Venture Capital and makes investments in B2B technology & services-focused companies around the world. Having invested in 339 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.

Baird Capital Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.

For More Information

Rachel Berkowitz
Baird Capital Public Relations
(414) 298-5101 | rberkowitz@rwbaird.com

Categories: News

Tags:

Fivetran Announces $125 Million in New Financing from Vista Credit Partners

Vista Equity

Investment will be used to accelerate enterprise growth, global go-to-market strategy and fuel platform innovation

OAKLAND, Calif.–(BUSINESS WIRE)–Fivetran, a global leader in automated data movement, today announced $125 million in financing from Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic credit and financing partner focused on the enterprise software, data and technology markets. The investment will be used to support Fivetran’s continued innovation and enterprise growth, bolstering its leadership position in the automated data movement market.

“In today’s macroeconomic climate, many of the most successful companies are data companies. From making revenue-impacting decisions to driving operational efficiencies, enterprises rely on data to run their business. Data availability across an organization cannot be something in question. Access must be as simple and as reliable as electricity,” said George Fraser, CEO at Fivetran. “Fivetran’s automated data movement platform helps enterprises connect to all of their data – whether on prem or in the cloud – with 99.9% guaranteed uptime. The financing will allow us to accelerate R&D and expand our automated data movement platform as we continue to scale globally.”

This past year, Fivetran has demonstrated significant momentum and continued growth. Company milestones include:

Fivetran also continued to add new product functionalities in the last year. Key updates include the introduction of Fivetran’s Metadata API which simplifies data governance for enterprises by automating the tracking of data in-flight. In addition, the company introduced new enterprise-grade capabilities including: support for Amazon S3 with Apache Iceberg which makes data lakes more effective and accessible for all users across the organization; High-Volume Agent (HVA) Connectors, AWS Gov Cloud support and private deployment – setting the industry standard with options for all deployment types for secure, real-time and high-volume database replication; and Lite connectors, which allow Fivetran to connect to virtually any SaaS application.

“Fivetran is an ideal partner for Vista Credit Partners as a founder-led, scaled and growing category leader providing mission-critical solutions to modern businesses,” said David Flannery, President at Vista Credit Partners. “We are pleased to provide non-dilutive credit solutions and operational support to George and the entire team as they continue to innovate and help more companies become data-driven.”

About Fivetran

Fivetran automates data movement out of, into and across cloud data platforms. We automate the most time-consuming parts of the ELT process from extracts to schema drift handling to transformations, so data engineers can focus on higher-impact projects with total pipeline peace of mind. With 99.9% uptime and self-healing pipelines, Fivetran enables hundreds of leading brands across the globe, including Autodesk, Conagra Brands, JetBlue, Lionsgate, Morgan Stanley and Ziff Davis, to accelerate data-driven decisions and drive business growth. Fivetran is headquartered in Oakland, California, with offices around the world. For more info, visit fivetran.com.

About Vista Credit Partners

Vista Credit Partners (VCP) is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data and technology market. VCP employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. As of December 31, 2022, VCP has grown to over $6.8 billion of assets under management. Since formation in 2013 and as of March 31, 2023, VCP has deployed over $10.4 billion. For more information, please visit www.vistacreditpartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 495 software and technology transactions since inception.

Contacts

Fivetran Media Contact:
Ross Perich
press@fivetran.com

Vista Credit Partners Media Contact:
Brian W. Steel
media@vistaequitypartners.com
(212) 804-9170

Categories: News

Tags:

Abacus Insights Enables Health Plans to Track Total Cost of Care Throughout the Claims Process

.406 Venture

Boston, May 9, 2023 –

Abacus Insights, the leader in data usability for healthcare payers, is introducing a data solution that better enables health plans to calculate and monitor their total cost of care in real-time and across all lines of business throughout the claims process. As a result, payers can closely track costs to target care for all members, address higher than expected claims and ensure sufficient reserves.

Medical costs account for 85 to 87 cents of every $1 spent by payers. For a plan with 100,000 Medicare members and 100,000 commercial members, reducing annual cost of care by 1% would generate more than $14 million in savings.

“This usable data on claims and the cost of care is foundational for improving quality and member experience and outcomes while controlling costs. It gives payers the information and insights they need to pursue key goals, from increasing preventative and early interventions for highly acute members and those with chronic conditions to working with providers to reducing out-of-network referrals,” said Minal Patel, CEO and founder of Abacus Insights.

Eliminating the lags and gaps in claims information improves a host of core operations and analytics, including:

  • maintaining adequate reserves
  • forecasting costs
  • designing and pricing value-based care arrangements and health-plan products
  • assessing network adequacy
  • developing risk scores for Medicare and ACA lines of business

Abacus Insights’ Cost of Care Management Solution pulls, consolidates and validates claims data wherever it is in the process, including pharmacy benefit managers, utilization management companies, delegated entities and other vendors and providers, so payers know how much has been paid or committed to spend at any moment in time, including by its delegated vendors. The usable data for claims also can be segmented and analyzed by line of business, product, geography, or other variables.

To improve claims cost planning and projections, Abacus Insights also can mine and incorporate other valuable information before, during and after care. The Abacus platform can add data about members searching the payer website or calling a service representative about whether a specific procedure is covered.

With the only HITRUST r2 data transformation platform and data solutions developed specifically for health plans, Abacus Insights makes healthcare data usable by ensuring it meets six dimensions—accurate, complete, timely, relevant, versatile and use case and application agnostic. Abacus Insights begins delivering business value in 4 to 6 months and at a 60% lower total cost than an internal build.

About Abacus Insights

Abacus Insights is a healthcare technology leader with the only data transformation platform and solutions built specifically for health plans. Focused on data quality and usability, Abacus Insights gives payers a new level of control and flexibility with their data by developing accurate, timely, and robust ecosystems that can support any analytics or other applications. Managing data for 21 million members, Abacus Insights partners with payers to deliver scalable solutions that drive strategic initiatives, control costs, and improve member lives and experiences.

Media Contact:
Lois Padovani

773.501.8744

Categories: News

Tags:

KKR to Acquire CoolIT Systems

KKR

Investment to Support Company’s Growth as Demand for Energy-Efficient Data Center Cooling Grows

CALGARY, Alberta & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, and CoolIT Systems (“CoolIT” or the “Company”), a leading provider of scalable liquid cooling solutions for the world’s most demanding computing environments, today announced the signing of a definitive agreement under which KKR will acquire CoolIT. The investment will support the Company’s ability to scale and serve its global customers across the data center market, including the enterprise, high-performance computing, and cloud service provider segments as well as in desktop computing.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230502006157/en/

Founded in 2001, CoolIT designs, engineers and manufactures advanced liquid cooling solutions for the data center and desktop markets. CoolIT’s patented Split-Flow Direct Liquid Cooling technology is designed to improve equipment reliability and lifespan, decrease operating cost, lower energy demand and carbon emissions, reduce water consumption and allow for higher server density than legacy air-cooling methods.

“Our business has evolved tremendously over the past few years and today we are proud to be one of the most trusted providers of liquid cooling solutions to the global data center market,” said Steve Walton, Chief Executive Officer of CoolIT. “KKR shares our perspective on the significant opportunity ahead for liquid cooling. Having access to KKR’s expertise, capital and resources will put us in an even better position to keep scaling, innovating and delivering for our customers.”

Kyle Matter, Managing Director and Head of KKR’s Global Impact team in North America, said, “Increasing data and computing needs are on a collision course with sustainability considerations – the data center industry is expected to consume 8% of the world’s energy by 2030.1 As a firm, we have committed more than $17 billion to digital infrastructure since 2011 and deeply appreciate the mission critical role that it plays in enabling our economy. We also recognize that as a society, we are grappling with the enormous energy usage and related environmental impacts that are only expected to accelerate with the rise of AI and other high performance applications. We believe that liquid cooling has a critical role to play in helping to reduce the emissions footprint of our digital economy and we are thrilled to back CoolIT, a leader in this space.”

Evan Kaufman, Director at KKR, added, “By combining our manufacturing and decarbonization expertise with CoolIT’s track record of product innovation, we expect to further scale its best-in-class direct liquid cooling solution to meet the anticipated demand for higher density, more energy efficient data centers. Importantly, we look forward to working with Steve and the entire CoolIT management team to invest additional capital and resources into expanding its cooling solutions across new applications, customers and end markets.”

As part of this transaction, CoolIT will expand its equity ownership program to make all employees owners of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies.

KKR is investing in CoolIT through its Global Impact strategy, which is focused on identifying and investing behind opportunities where financial performance and societal impact are intrinsically aligned. Specifically, the strategy focuses on investing in companies that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals (“SDGs”). CoolIT directly supports SDG 7 (Affordable and Clean Energy), 9 (Industry, Innovation and Infrastructure) and 13 (Climate Action).

The transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and customary closing conditions.

About CoolIT Systems

CoolIT Systems specializes in scalable liquid cooling solutions for the world’s most demanding computing environments. In the enterprise data center and high performance computing markets, CoolIT partners with global leaders in OEM server design to develop efficient and reliable liquid cooling solutions for their own leading-edge products. In the desktop enthusiast market, CoolIT provides unparalleled performance for a range of gaming systems. Through its modular, Direct Liquid Cooling technology, Rack DLC™, CoolIT enables dramatic increases in rack densities, component performance and power efficiencies. Together, CoolIT and its partners are leading the way for widespread adoption of advanced cooling technology. For additional information on CoolIT Systems, please visit CoolIT’s website at www.coolitsystems.com and on LinkedIn at http://www.linkedin.com/company/coolit-systems-inc-.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

________________________________
1On Global Electricity Usage of Communication Technology: Trends to 2030,” Challenges, 2015.

Media:
For CoolIT:
Brandon Peterson, SVP Product and Caroline Penrose, Director, Business Development
403-235-4895
media@coolitsystems.com

For KKR:
Julia Kosygina and Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

Categories: News

Tags:

Arcadia Raises $125 Million in New Financing from Vista Credit Partners

Vista Equity

Investment to Accelerate Platform Innovation and Company Growth; Further Establish Leadership Position in Healthcare Data Analytics

BOSTON–(BUSINESS WIRE)–Arcadia (Arcadia.io), a leading data analytics platform for healthcare, today announced $125 million in financing from Vista Credit Partners, the credit-lending arm of Vista Equity Partners and a strategic investor and financing partner focused on the enterprise software, data and technology market. The investment will accelerate Arcadia’s platform innovation and go-to-market strategy to meet the growing demand from leading healthcare organizations to aggregate and analyze data from across disparate systems for business efficiencies and improved patient care.

“Arcadia’s mission is to inform better healthcare decisions by unlocking the power of the vast amount of data that is captured in modern healthcare delivery and operations,” said Michael Meucci, CEO, Arcadia. “Vista Credit Partners is the preferred partner to help us achieve our goals, providing new financing and access to the broader Vista ecosystem which holds deep expertise and resources for scaling HealthTech and enterprise software businesses. We look forward to further investing in our platform, our service delivery and customer relations to solidify our position as the leading data platform for healthcare organizations.”

Arcadia helps providers and health plans deliver actionable insights to advance care and research, drive strategic growth, and ensure financial success. The past year included several important milestones for Arcadia, including:

  • Inclusion on Inc. 5000’s 2022 Fastest Growing Private Companies list, reflecting 99% revenue growth over three years;
  • Achieving 35%+ ARR growth in 2022 by continuing to build and expand relationships with the top payers and providers in the U.S.;
  • Growing total active unique users of the Arcadia Analytics platform by 50% in nine months; and
  • Saving customers more than $1.3 billion through Arcadia’s Medicare Shared Savings Program (MSSP) service.

“Vista Credit Partners invests in innovative software businesses with established market leadership, providing non-dilutive credit solutions and counsel to help them achieve their next phase of growth,” said David Flannery, President, Vista Credit Partners. “Arcadia is an exciting investment as its platform serves as a mission-critical tool for blue-chip national health systems, hospitals, and health plans, helping them drive ROI by delivering actionable intelligence that enables strategic growth and financial success in pursuit of better health outcomes. We’re thrilled to partner with Michael and the entire Arcadia team and support the Company’s continued growth and success.”

In addition to business growth and platform adoption, Arcadia has been consistently recognized for outstanding customer satisfaction and company culture, earning Best in KLAS in Value-Based Care Managed Services for five consecutive years and being named to Built In’s 100 Best Places to Work in 2023 in Boston and Chicago.

About Arcadia

Arcadia is dedicated to happier, healthier days for all. We transform data into powerful insights that deliver results. Through our partnerships with the nation’s leading health systems, payers, and life science companies, we are growing a community of innovation to improve care, maximize value, and confront emerging challenges. For more information, visit arcadia.io.

About Vista Credit Partners

Vista Credit Partners (VCP) is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data, and technology market. VCP employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. Since formation in 2013 and as of December 31, 2022, VCP has deployed over $9.7 billion and grown to over $6.6 billion of assets under management. For more information, please visit www.vistaequitypartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 495 software and technology transactions since inception.

Contacts

Media
For Arcadia:
Isaac Sheinkopf
isheinkopf@sloanepr.com
212-446-1890

For Vista Credit Partners:
Brian W. Steel
media@vistaequitypartners.com
212-804-9170

Arcadia

Contacts

Media
For Arcadia:
Isaac Sheinkopf
isheinkopf@sloanepr.com
212-446-1890

For Vista Credit Partners:
Brian W. Steel
media@vistaequitypartners.com
212-804-9170

Categories: News

Tags:

Hazy raises $9m to power synthetic data usage in enterprises

AlbionVC

We are thrilled to share that Hazy, the leading synthetic data disruptor, announced today that it has raised $9 million in Series A funding round backed by UCL Technology Fund, including investors Conviction, M12 (Microsoft), Wells Fargo, Nationwide Building Society, ACT Venture Partners, Terra VC, Evenlode, Logo Ventures, Sarus Ventures and Neva SGR, the Intesa Sanpaolo bank venture capital company.

Originally a UCL AI spin out, London-based Hazy uses AI-generated smart synthetic data that preserves the statistical quality of the real data but contains no real information and therefore eliminates the privacy risk. Hazy’s synthetic data can be used as a drop-in replacement for real data with AI/ML development, software testing and data commercialisation use cases.

“The response from businesses to the capabilities of synthetic data has been huge. Enabling our customers to access and actually use their data unlocks real commercial value… we’re very excited to be right at the forefront of the synthetic data revolution.”

HARRY KEEN, CO-FOUNDER & CEO, HAZY

Hazy’s meteoric rise began with winning the $1 million Microsoft Innovate AI prize for the best AI startup in Europe, and has gone from strength to strength since. Customers include Nationwide Building Society, Vodafone Group and Wells Fargo. This raise will enable Hazy to continue to grow within the banking and telecom sectors in the UK, Europe and the US.

Having worked with Harry for many years now, David Grimm, Investment Director, UCL Technology Fund said:

“Generative AI has only recently exploded onto everyone’s radar, but Hazy has been pioneering the use of this type of AI to keep personal data safe for some time now.”

DAVID GRIMM, INVESTMENT DIRECTOR, UCL TECHNOLOGY FUND

More on UKTN here.

More from Hazy’s CEO, Harry Keen here.

Categories: News

Tags:

Mentha invests in Amsterdam Data Collective to support international growth strategy

Mentha

Mentha enters into a partnership with Amsterdam Data Collective (ADC). The integrated data science consultancy is among the fastest growing companies in the Netherlands and will accelerate their international growth ambitions starting with the merger with DAMVAD Analytics.

Since 2017, the team at Amsterdam Data Collective have helped organisations become more data-driven, particularly within the financial, healthcare, and public sectors. ADC has since grown to more than 80 employees by focusing on sector specialisation and refining a collective company culture of people who share a common goal of making a positive impact with data science. The FD Gazellen Awards 2022 marked the success of ADC’s collective culture, ranking the company among the top 20 fastest growing companies in the Netherlands for two years in a row. Next to that, ADC received multiple Great Place to Work certifications based on employee surveys.

ADC’s international expansion strategy started in 2022 with the opening of an office in Copenhagen. As part of the partnership with Mentha, ADC is now able to accelerate its expansion plans in the Nordics by merging with DAMVAD Analytics, a data science consultancy based in Denmark and Sweden. The DAMVAD Analytics team consists of around 30 consultants and has a strong presence in pharmaceuticals, financial services, the public sector, and philanthropy.

“Following the opening of the Amsterdam Data Collective office in Copenhagen, the investment by Mentha provides ADC with the opportunity to accelerate growth in the Nordics and merge with DAMVAD Analytics. We look forward to take the next steps in our international growth story with Mentha and believe the added diversity and expertise of the enlarged ADC team will lead us to create better solutions with more impact”, says Rik van der Woerdt, Co-Founder and CEO of Amsterdam Data Collective.

With a team of more than 110 experts in data strategy, data engineering, data science and data visualisation, ADC is able to offer a complete Data-Driven Organisation proposition to the market. ADC aspires to become a leading data science agency on a European scale and, as part of the collective company culture, the broader employee base will be shareholders alongside Mentha in this growth journey.

Dirk Vriend, Investment Director at Mentha: “We value ADC for its collective culture and their drive to use data science to make a positive impact. Together with the enterprising team, we expect to continue ADC’s strong growth track by attracting and retaining talent, developing innovative integrated data science solutions and accelerating expansion through an international buy-and-build strategy.”

About Mentha

Headquartered in Amsterdam and founded in 2006, Mentha is an independent private equity firm active at the lower end of the mid-market. Mentha invests in established, mid-sized and profitable companies with clear opportunities for growth along multiple avenues, such as organic growth, expansion in new markets or through buy-and-build. The entrepreneurial team is a strong collective of investment professionals, with solid financial and operational business experience. Mentha likes to team up with entrepreneurs and enterprising management teams to jointly realise ambitious growth plans. With its companies, Mentha seeks an active approach that is based on true entrepreneurship, growth acceleration and transformation, and is spurred by the human factor and sustainability.

About Amsterdam Data Collective Amsterdam Data Collective (ADC) is an integrated data science agency. The European consultancy helps organisations become data driven through data strategy, data engineering, data science, and data visualisation. ADC perceives data as part of a bigger whole that includes people, management, cultures, processes, and technology to make data work for organisations. ADC believes their collective culture is the key to success, because people thrive in a well-connected group. For more information: https://amsterdamdatacollective.com

Categories: News

Tags: