Tierpoint, a provider of cloud hosting, colocation, and managed services, has acquired Xand, a privately held provider of colocation, cloud hosting, disaster recovery, and managed services with six data centers located in New York, Pennsylvania, Connecticut, and Massachusetts. Financial details of the sale were not disclosed.
In addition, the acquisition of Xand would position TierPoint to significantly expand data center capacity in the future by an additional 150,000 square feet of raised floor to support the long-term demands of its customers. The consolidated company will also share a common cloud hosting infrastructure supported by industry-leading partners such as Cisco, NetApp, and Fortinet.
Ontario Teachers’ Pension Plan
The transaction is expected to be finalized in November. The acquisition is being funded through a combination of incremental equity from TierPoint’s existing investors as well as a new investor, Ontario Teachers’ Pension Plan (Teachers’), Canada’s largest single-profession pension plan with more than $140 billion in net assets. Its investment was led by Teachers’ Private Capital, which manages a global private equity portfolio valued at approximately $14 billion.
“We are very excited about the Xand acquisition,” said Paul Estes, CEO of TierPoint. “Our investors, including our new investor, Teachers’, have shown confidence in and a deep commitment to TierPoint. By investing in our growth strategy, they have helped position us for success now and for the foreseeable future.”