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CyrusOne
CyrusOne
CyrusOne
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CyrusOne, Inc. owns and operates over 40 carrier-neutral data centers in North America, Europe, and Asia, where it provides colocation and peering services.[2] It is headquartered in Dallas, Texas and is owned by funds managed by Kohlberg Kravis Roberts and Global Infrastructure Partners.

Key Information

History

[edit]
B-roll of Wikimedia Foundation servers at CyrusOne in Carrollton, Texas

The company was formed in July 2000 by David Ferdman and Larry Bursten, who met when companies they founded were acquired by IXC Communications.[3]

In July 2007, the company was acquired by ABRY Partners.[4]

In June 2010, the company was acquired by Cincinnati Bell for $525 million.[5][6]

In September 2011, the company acquired 55.9 acres in Chandler, Arizona for construction of a data center facility.[7]

In 2012, CyrusOne opened the largest data center in Texas in Carrollton.[8]

In January 2013, the company became a public company via an initial public offering.[9]

By 2015, Cincinnati Bell had sold almost its entire stake in the company.[10]

In July 2015, the company acquired Cervalis for approximately $400 million.[11]

In March 2016, the company acquired a data center of CME Group in Aurora, Illinois for $130 million in a leaseback transaction.[12][13] In December 2016, the company broke ground on a 425,000 square foot data center on the property.[14]

In June 2016, the company purchased a 40-acre parcel in Loudoun County, Virginia.[15]

In August 2017, the company acquired Zenium Data Centers, a provider with data centers in London and Frankfurt, for $442 million.[16]

In December 2019, the company suffered from a REvil ransomware attack that affected six of its customers.[17][18]

In February 2020, Tesh Durvasula was appointed president and chief executive officer of the company.[19]

In July 2021, David Ferdman, the co-founder and former CEO, was appointed interim president and chief executive officer of the company.[20]

In March 2022, the company sold its assets in Houston for $670 million.[21]

Also in March 2022, the company was acquired by Kohlberg Kravis Roberts and Global Infrastructure Partners for $15 billion.[22]

References

[edit]
[edit]
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CyrusOne

View on Grokipedia
from Grokipedia
CyrusOne is a premier global owner, developer, and operator headquartered in , , specializing in the design, , and management of advanced digital infrastructure solutions for hyperscale companies and enterprises worldwide. Founded in 2001 by David Ferdman and Larry Bursten, the company initially focused on colocation and services in before expanding internationally through strategic acquisitions, including its purchase by ABRY Partners in 2007 and Bell in 2010. It went public as a (REIT) in 2013 under the ticker CONE but was taken private in 2022 through a $15 billion acquisition by funds managed by Kohlberg Kravis Roberts (KKR) and (GIP), enabling accelerated growth in a rapidly evolving digital landscape. Today, CyrusOne operates over 55 carrier-neutral data centers across key markets in , (EMEA), and (APAC), offering services such as build-to-suit facilities, colocation, , and disaster recovery to support high-performance computing needs. The company has distinguished itself with innovations like the Intelliscale platform, designed for AI workloads and high-density deployments, while emphasizing sustainability through initiatives outlined in its 2025 Sustainability Report, which highlights energy efficiency and responsible growth. In 2024, CyrusOne secured $9.7 billion in new debt financing to expand its portfolio and meet surging demand for capacity driven by and . Recognized as a Top Workplaces award winner by , CyrusOne continues to prioritize customer collaboration, operational reliability, and scalable infrastructure to power global .

Overview

Founding and Headquarters

CyrusOne was founded in 2001 by David Ferdman and Larry Bursten as a provider of services, specializing in the ownership, operation, and development of carrier-neutral for multi- and single-tenant enterprise needs. The company emerged during the post-dot-com era, when businesses increasingly sought reliable infrastructure to support expanding IT operations and colocation services. Initially headquartered in Carrollton, Texas, CyrusOne established its principal executive offices at 1649 West Frankford Road to leverage the region's growing tech ecosystem. In 2017, the company relocated its headquarters to Uptown Dallas at the Rosewood Court building on Cedar Springs Road, aiming to enhance talent recruitment and centralize operations in a major business hub. This move supported the firm's expansion while maintaining its flagship data center in Carrollton. By 2018, CyrusOne further shifted to the Harwood No. 10 tower at 2850 North Harwood Street, solidifying Dallas as its global base. From its inception, CyrusOne's mission centered on delivering scalable and secure solutions to meet the rising demand for outsourced amid trends. This focus positioned the company to serve enterprises requiring high-reliability colocation and connectivity, contributing to the broader recovery and growth in the sector following the early economic shifts.

Ownership and Leadership

CyrusOne was acquired by Cincinnati Bell in 2010 for $525 million from private equity firm Abry Partners, becoming a wholly owned subsidiary focused on data center operations. In 2013, Cincinnati Bell spun off CyrusOne as an independent real estate investment trust (REIT), allowing it to operate autonomously and pursue growth in the colocation sector while Cincinnati Bell retained an initial ownership stake that it gradually reduced through subsequent sales. In 2022, CyrusOne was taken private through an all-cash transaction valued at approximately $15 billion by a of funds managed by KKR and (GIP), with shares purchased at $90.50 each, representing a premium over the prior market price. The deal closed in March 2022, leading to CyrusOne's delisting from the stock exchange and transitioning its governance to private ownership structures. As of 2025, CyrusOne is led by CEO Eric Schwartz, who was appointed in September 2022 and assumed the role effective October 1, bringing extensive experience from Equinix where he served as Chief Strategy and Development Officer. The executive team includes President John Hatem, who was elevated to the role in 2025 to oversee global sales, procurement, and U.S. construction; Executive Vice President and CFO Owen Morris, managing finance and strategic planning; and other key leaders such as Executive Vice President and Chief Strategy Officer Krupal Raval, Executive Vice President, General Counsel, and Secretary Robert M. Jackson, and Executive Vice President, Chief Customer and People Officer Andrea Muñoz. The Board of Managers, to which the leadership reports, comprises representatives with deep expertise in infrastructure investments, reflecting the influence of KKR and GIP's focus on digital assets. Post-acquisition, CyrusOne maintains a prominent market position as a leading global colocation provider, operating over 55 data centers across multiple continents and serving hyperscale and enterprise clients, with its $15 billion valuation from underscoring its scale in the sector amid ongoing investments in expansion.

Operations

Services Provided

CyrusOne provides enterprise-class colocation services, offering secure rack space, power, and cooling solutions in carrier-neutral facilities designed for scalable deployment. Customers can lease customizable spaces ranging from single cabinets to full cages, with flexible power configurations supporting densities up to needs and redundant cooling systems utilizing advanced technologies like for efficiency. In addition to colocation, the company offers managed hosting through operational support and facility management expertise, enabling clients to avoid building private data centers while ensuring comprehensive oversight of their environments. Cloud connectivity is facilitated via direct integrations with major providers such as Megaport, supporting hybrid cloud architectures, while interconnection services include low-latency options like Metro IX, National IX, and high-capacity C2C Wave for seamless carrier access and global IPv4/IPv6 bandwidth. Specialized solutions include support for high-density computing via the Intelliscale™ platform, which accommodates AI workloads with GPUs and TPUs in compact spaces occupying 25% of typical footprints, optimized for massive , modeling, and training. Disaster recovery is enhanced by block-redundant electrical systems that eliminate single points of failure, ensuring uninterrupted operations during outages or maintenance. Compliance certifications cover key standards such as SOC 1 and SOC 2 for controls, ISO 27001 for , PCI DSS for payment card data, GDPR for data privacy in , and HIPAA for healthcare applications. CyrusOne emphasizes in its offerings, targeting (PUE) below 1.3 in new facilities through efficient designs, free-cooling technologies, and sourcing, with an average PUE of 1.46 across operations as of 2024 and a commitment to climate neutrality by 2030. These innovations cater to hyperscale clients handling AI and demands, providing scalable infrastructure for low-latency data transfer and high computational intensity. The company's revenue model relies primarily on long-term leases to enterprises, featuring multiyear contracts backed by 100% uptime agreements (SLAs) on power and cooling delivery. Security features incorporate enterprise-grade measures, including biometric access controls, 24/7 monitoring, and multi-layered physical protection to safeguard .

Data Center Network

CyrusOne operates more than 55 globally as of 2025, spanning primary, secondary, and edge markets to support diverse infrastructure needs. These facilities form a robust physical footprint designed for high-density and connectivity. The network's regional breakdown emphasizes , with a U.S. focus on key areas such as (including and Austin), (), ( region), and (Phoenix area). In EMEA, operations center on the , (), , and other European locations to serve low-latency demands. APAC presence includes expansions in and broader markets, enabling proximity to growing digital economies. Among flagship sites, the campus features multiple facilities like AUS2 and AUS3, offering build-to-suit options with significant scalable capacity for enterprise and hyperscale deployments. The Frankfurt, Germany hub, comprising sites such as FRA5 (54 MW IT capacity), FRA7 (81 MW IT capacity), and FRA4 (11 MW IT capacity), positions as a critical interconnection point for low-latency applications. In , the PHX1-PHX8 campus delivers hyperscale infrastructure across eight facilities on an 85-acre site, encompassing nearly 2 million square feet for high-power density operations. CyrusOne's infrastructure emphasizes reliability through ANSI/TIA-942 Tier III and IV certifications across facilities, ensuring concurrent maintainability and . Renewable energy integrations include strategic sourcing hierarchies and partnerships to advance , such as commitments to climate-neutral operations in select sites. The global powered capacity exceeds 1 GW, supporting mission-critical workloads with ongoing expansions.

History

Early Development (2001–2010)

CyrusOne was founded in 2001 in , , emerging in the aftermath of the dot-com bust to meet growing demand for reliable, carrier-neutral services, particularly in the energy, , and healthcare sectors. The company initially launched with a focus on colocation and hosted solutions, establishing its first facility in to serve enterprise clients, including those in the requiring high-density computing infrastructure. By targeting industries needing robust amid economic recovery, CyrusOne positioned itself as a key provider of secure, redundant in a market still stabilizing from the early tech downturn. During the mid-2000s, CyrusOne expanded its footprint within Texas, adding a second major facility in Dallas and enhancing its Houston campus with additional capacity, such as a 125,000-square-foot expansion engineered for dense computing loads exceeding 250 watts per square foot. This period marked steady operational growth, with the company building out specialized infrastructure to support telecom and enterprise needs, including high power redundancy and connectivity options. In July 2007, ABRY Partners, a Boston-based private equity firm, acquired CyrusOne, providing capital to accelerate development and solidify its position as a leading regional data center operator without altering its management team. The acquisition enabled further investments in facility upgrades and market penetration, culminating in reported revenues of $58 million by 2009. The late 2000s brought challenges from the 2008 global financial crisis, which strained capital availability and demand in the sector, yet CyrusOne navigated these by emphasizing cost-efficient expansions and securing contracts with resilient enterprise clients in and . By focusing on operational efficiency and high-reliability builds, the company maintained momentum, operating multiple facilities totaling approximately 163,000 square feet of capacity across , , and Austin by 2010. In June 2010, Cincinnati Bell Inc. acquired CyrusOne from ABRY Partners for $525 million in cash, integrating its data center expertise with Cincinnati Bell's to enhance fiber connectivity and services for customers. This transaction expanded Cincinnati Bell's portfolio to 609,000 square feet across 17 facilities, marking a pivotal shift that bolstered CyrusOne's strategic capabilities in a recovering market.

Expansion and Acquisitions (2011–2020)

Following its in January 2013, CyrusOne listed on the under the CONE and raised approximately $313.5 million, which the company directed toward expanding its U.S. footprint and infrastructure development. The IPO also marked CyrusOne's conversion to a (REIT) structure, enabling tax advantages such as the avoidance of corporate income taxes on distributed income, which supported reinvestment in growth initiatives. A key acquisition during this period was the $400 million purchase of Cervalis in July 2015, which added four data centers in the and enhanced CyrusOne's presence in the Northeast U.S. market. This deal expanded the company's portfolio by approximately 250,000 square feet of colocation space and diversified its customer base in and media sectors. In 2017, CyrusOne further bolstered its offerings through the $442 million acquisition of Zenium Data Centers, incorporating four facilities in and that provided over 100,000 square meters of space and established a stronger platform for hyperscale and enterprise clients. Domestically, CyrusOne invested heavily in mega-scale campuses to meet rising demand for high-density computing. In , the company developed a multi-building campus in Sterling, including NVA1 through NVA7 by the late , with facilities like the 30-megawatt Sterling II completed in under six months using modular construction techniques to accelerate deployment. Similarly, in , expansions at the and sites added significant capacity, such as the 20,000-square-foot and 2.25-megawatt addition to the facility in 2013, supporting regional and interconnection needs. These developments contributed to CyrusOne's total critical space more than tripling from around 2.3 million square feet at the time of the IPO to over 4 million square feet by 2020. Internationally, CyrusOne built on its early 2011 entry into the market with a 10,000-square-foot facility in to pursue broader EMEA opportunities. The 2017 Zenium acquisition solidified this strategy by providing immediate scale in the and introducing operations in , with facilities engineered for compliance with the EU's (GDPR) effective from 2018. This move established an EMEA foothold emphasizing secure, low-latency environments for multinational enterprises, aligning with growing requirements across the region.

Ownership Changes and Recent Growth (2021–Present)

In March 2022, CyrusOne completed a $15 billion all-cash go-private transaction, acquiring all outstanding shares at $90.50 per share through funds managed by KKR and (GIP). This deal, announced in November 2021, was motivated by surging demand from hyperscale customers seeking scalable, carrier-neutral solutions to support and hybrid deployments. Following the acquisition, CyrusOne accelerated international investments, including a May 2023 joint venture with (KEPCO) to develop hyperscale s in , backed by over $7 billion in planned capital to address growth opportunities. From 2023 to 2025, CyrusOne pursued aggressive expansions amid rising data demands, completing six new facilities in 2023 alone, including HOU4 in Houston, Texas, and initiating larger projects such as the 70 MW initial capacity DFW7 campus in , in 2025 and a 190 MW hyperscale site in , with , slated for operation by late 2026. Sustainability efforts advanced notably, with the company achieving matching across its European portfolio in 2023—nine years ahead of its 2030 target under the Climate Neutral Data Centre Pact—through procured renewable electricity and carbon offsets. Responding to evolving market trends, CyrusOne invested in AI-optimized , launching Intelliscale™ in 2023 to enhance efficiency for high-density AI workloads while prioritizing and space utilization. The company also expanded capabilities to support low-latency applications, aligning with broader industry shifts toward distributed processing. These initiatives contributed to robust growth, with total critical load capacity reaching 1,676 MW by 2024 and securing nearly $12 billion in financing that year to fuel further development. Under CEO Eric Schwartz, who assumed the role in October 2022, CyrusOne emphasized global scalability to navigate geopolitical challenges, including U.S.- technology frictions, by diversifying operations across stable regions like and .

References

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