Nile seeks to redefine Network-as-a-Service, closes $175M funding

 Nile, a start-up based in San Jose, California, closed a $175 million Series C investment round, bringing its total funding to date to $300 million.

Nile, which emerged from stealth mode less than a year ago, offers a network-as-a-service (NaaS) solution designed to deliver a more secure wired and wireless service through the ex Nile’s service incorporates Campus Zero Trust Network Access (ZTNA) principles by design, and automates network access control (NAC) mechanisms that traditionally required significant manual effort to provision and maintain. 

The latest funding round was  co-led by March Capital and Sanabil Investments, with strategic participation from solutions by stc, Prosperity7, Liberty Global Ventures, and stc CIF (Corporate Investment Fund), and contribution from 8VC, Geodesic Capital, U First Capital, and Valor Equity Partners. 

Nile was founded in 2018 by Pankaj Patel, formerly former EVP and Chief Development Officer at Cisco, and Suresh Katukam , who were joined by John Chambers and Sri Hosakote. John Chambers is the former Executive Chairman and CEO at Cisco. 

The company says this round of financing will further its mission to eliminate the operational complexities plaguing enterprise networks in their ability to support cloud-born enterprise IT solutions, while also delivering the highest levels of integrated defenses to protect both wired and wireless connectivity from cyber attacks. 

“Nile is in a strong position to take advantage of several paradigm shifts occurring across the technology ecosystem,” said Pankaj Patel, CEO and co-founder of Nile. “Cloud-born edge infrastructure solutions are altering the way we engage with each other and interact with physical spaces in offices, schools, and venues. AI is enabling data-driven decision-making to be adopted at a rapid pace. Cloud migration strategies for anywhere access to enterprise apps is top of mind for all IT executives, creating a tremendous opportunity for Nile. These trends present unique challenges in the way enterprise infrastructure is consumed, and Nile is committed to addressing them head-on, making our service as agile and innovative as the technology solutions it enables.”

www.nilesecure.com/enterprise-network

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Tech Update: Rethinking Networking with Nile

What's the story with Nile? Is there room for another networking start-up? Pankaj Patel, CEO and co-Founder of Nile, discusses:

• Nile's mission to remove human dependency from the management of the network, similar to what cloud computing has done for storage and computing. 
• Nile's goals to transform the traditional network, often associated with security risks, into a security force multiplier with zero-trust access that requires no manual network operations.
• How Nile is committed to delivering outcome-based SLAs that matter most to customers on availability, capacity, and coverage, all through an insane level of automation and heavy use of AI/ML-driven automation and data analytics.

Have a tech update that you want to brief us on? Contact info@nextgeninfra.io

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Lumen takes $8.8 billion goodwill impairment charge

Lumen Technologies reported revenue $3.661 billion for the second quarter 2023, compared to $4.612 billion for the second quarter 2022. The company recorded a Net Loss of $(8.736) billion for the second quarter 2023, which included a non-cash goodwill impairment charge of $8.793 billion, compared to reported Net Income of $344 million for the second quarter 2022

(revenue for the second quarter of 2022 includes $707 million of revenue from the Latin American business divested Aug. 1, 2022 and the 20-state ILEC business divested Oct. 3, 2022)

Under GAAP, the company is required to perform periodic impairment tests related to its goodwill asset. The sustained decline in our share price during the second quarter was considered a triggering event requiring evaluation of goodwill impairment. Based on this analysis, the company recorded a non-cash $8.8 billion goodwill impairment charge in the second quarter of 2023. The goodwill impairment was driven by the difference between the company's market capitalization and the carrying value, primarily in its North America business reporting unit.

"In the second quarter, we made progress on our three-pronged growth strategy to secure the base, drive commercial excellence, and innovate for growth," said Kate Johnson, president and CEO of Lumen. "While it is early in our journey, we are driving solid revenue performance in our portfolio of next-generation growth products through intentional migration from legacy services, expanding our addressable market through network upgrades and product innovation, and improving operational excellence to better serve our customers."

https://ir.lumen.com/home/default.aspx

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Cisco acquires Code BGP

Cisco has acquired Code BGP, a privately held BGP monitoring company based in Greece. Financial terms were not disclosed.

Code BGP was founded in 2021 by Fontas Dimitropoulos, Vasileios Kotronis and Lefteris Manassakis.

BGP security remains a critical issue. The companies report that this year alone there have been 6,000 incidents of BGP hijacks, route leaks, and other issues across the many thousands of networks that make up the Internet. 

Cisco said the Code BGP team will enhance its capabilities already provided by its ThousandEyes division.

https://www.thousandeyes.com/blog/cisco-announces-acquisition-of-codebgp

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Vodafone deploys Nokia’s 5G monetization software

Vodafone started deploying Nokia’s Converged Charging (NCC) software in multiple European countries, enabling rating and charging for 5G services.

NCC operates as a containerized network function in a 5G standalone environment and allows Vodafone to tap new revenue streams from 5G services, including network slicing and flexible product offerings.

Deployment spans several Vodafone markets in Europe, including the UK and Italy, and drives next generation charging standardized across Vodafone networks and provides real-time rating and charging capabilities; it represents a full migration from legacy charging to 5G-ready next generation methods.

https://www.nokia.com/about-us/news/releases/2023/08/01/nokia-starts-deploying-5g-monetization-software-for-vodafone/

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Cambium posts disappointing Q2, former CommScope exec named CEO

Cambium Networks reported Q2 evenues of $59.5 million, a decrease of 23% sequentially, and an increase of 14% year-over-year. There was a net loss of $2.6 million or $0.10 per diluted share, non-GAAP.

"Our second quarter results were disappointing as a result of lower demand for Enterprise products caused by lower order volumes from distributors and high channel inventories, and a challenging macroeconomic environment, especially in EMEA," said Atul Bhatnagar. "The company has recently initiated a cost reduction plan to increase profitability ahead of our next phase of growth which includes the FCC's anticipated approval of 6 GHz spectrum products, the ramp of our 28 GHz cnWave 5G fixed, 60 GHz cnWave technologies for service providers, and the expansion of our fiber-based solutions."

Bhatnagar continued, "We remain confident that new product cycles for next generation multi-gigabit fixed wireless and fiber products, increased government funding in North America, defense, and a return to growth for our Enterprise business will drive future growth."

Cambium also announced that Morgan Kurk, most recently a senior executive at Honeywell International, and prior to that, the executive vice president broadband market segment leader and chief technology officer at CommScope, has been appointed president and chief executive officer, effective immediately. 

Atul Bhatnagar is stepping down as the company's CEO but will continue to serve as a member of the company's board of directors.

"Cambium has established itself as a leader in the fixed wireless broadband and wireless networking categories and has achieved many product innovations since its spin-off from Motorola in 2011. We could not be more thrilled to have Morgan lead Cambium in the next phase of its journey. As a proven industry leader with a three-decade track record of delivering outstanding results, Morgan brings the right vision, experience and energy to drive growth at the company for years to come," said Robert Amen, Cambium's chairman. "We also want to acknowledge and thank Atul for his many years of leadership in establishing a culture of growth, integrity and innovation and in leading Cambium to where it is today."

https://investors.cambiumnetworks.com/

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Cisco intros Automated Ransomware Recovery tool

Cisco is extending its ransomeware Extended Detection and Response (XDR) capabilities with a set of third-party integrations to include infrastructure and enterprise data backup and recovery vendors.

A new integration with Cohesity enables Cisco XDR to automatically detect, snapshot, and restore business critical data at the very first signs of ransomware.

During Q2 2023, the Cisco Talos Incident Response (IR) team responded to the highest number of ransomware engagements in more than a year.

“The exponential growth of ransomware and cyber extortion has made a platform approach crucial to effectively counter adversaries. Our objective is to build a resilient and open cybersecurity platform that can withstand ransomware assaults and recover with minimal impact, ensuring uninterrupted business operations,” said Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco. “As a global infrastructure provider that built the network, Cisco is redefining what a security product should deliver. Our innovations with automated ransomware recovery are a significant step towards achieving truly unified detection and response data, turning security insights into action.”

https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2023/m08/cisco-transforms-crisis-to-control-with-new-automated-ransomware-recovery.html

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Lumen launches Network-as-a-Service (NaaS)

 Lumen Technologies launched its flagship capability on its Network-as-a-Service (NaaS) platform, offering customers “radical flexibility in how they buy, use, and manage networking services.”

The Lumen NaaS platform offers a fully digital consumption model allowing customers touse a digital portal or APIs (Application Program Interface) to order and manage services. The first and flagship service on the NaaS platform is Lumen Internet On-Demand, which enables:

• dedicated connection to one of the largest, most connected and secure networks in the world 
• Ability to scale capacity in minutes 
• Internet speeds from 100 Mbps to 10 Gbps
• A consumption-based billing model; pay only for the time services are active, starting at hourly rates 
• Real-time visibility into service performance and network usage
• Quick enablement of new capabilities

Lumen plans to expand its NaaS over time to include security services, such as DDoS (Distributed Denial of Service), SASE (Secure Access Service Edge), and Edge services.  In addition, Lumen NaaS will leverage a broad digital ecosystem of partners – including data center, cloud, technology, and managed service providers. Digital Realty is one of the first third-party data center providers to join the Lumen Network-as-a-Service Alliance Partner program.

"We have been preparing for this moment for a long time, building a world-class telecom network with state-of-the-art fiber, broad coverage and unsurpassed route diversity and scalability," said Kate Johnson, Lumen CEO. "Lumen's Network-as-a-Service offering takes the next step to deliver on our customers' networking dreams: the ability to fire up any port, with any service, at any time. It's your network, your way."

"Lumen is putting the customer at the center of our Network-as-a-Service platform, creating a cloud-like experience for buying, consuming, and managing our network services," said Andrew Dugan, Lumen CTO. "Businesses are looking for a dynamic, dedicated internet connection, but they want it from a reliable and flexible network. Unlike some Network-as-a-Service players, Lumen can deliver on this promise because we own and manage our network."  

"Lumen plays an important role in helping content providers move video content to AWS," said Evan Statton, Sr. Principal Architect in M&E at AWS. For example, Fox Sports was able to bring its live sports content to AWS by using an on-demand connection aligned with Lumen's Network-as-a-Service platform. We look forward to continued work with Lumen to help AWS customers achieve their live cloud production goals."

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Arista posts record Q2 revenue and profits

Arista Networks reported record revenue of $1.459 billion for Q2 2023, an increase of 8.0% compared to the first quarter of 2023, and an increase of 38.7% from the second quarter of 2022. Non-GAAP net income amounted to $501.2 million, or $1.58 per diluted share, compared to non-GAAP net income of $342.7 million, or $1.08 per diluted share in the second quarter of 2022.

“Arista again achieves record revenue and profitability for Q2 2023,” said Jayshree Ullal, President and CEO of Arista Networks. “Our customers now represent more than 75 million cumulative cloud networking ports.”

“Arista again achieves record revenue and profitability for Q2 2023,” said Jayshree Ullal, President and CEO of Arista Networks. “Our customers now represent more than 75 million cumulative cloud networking ports.”

https://investors.arista.com/Home/default.aspx

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BT names Allison Kirkby as next CEO, replacing Philip Jansen

BT Group plc selected Allison Kirkby as its next Chief Executive, replacing Philip Jansen as Chief Executive around the end of January 2024 at the latest.

Kirkby currently serves as President & CEO of Telia Company since early 2020.  She moved into the TMT sector in 2010, initially joining Virgin Media, and was most recently President & CEO of TDC (2018-2020), the largest telecommunications company in Denmark, and President & CEO of Tele2 AB (2015-2018) the largest challenger telecommunications company in Sweden and the Baltics.

She has been a Non-Executive Director at BT Group since 2019 and is also a Non-Executive Director and member of the Audit Committee of Brookfield Asset Management Limited.

Adam Crozier, BT Group Chairman said: “The Board is delighted to have appointed Allison as our new Chief Executive. She is a proven leader, with deep sector experience and a history of having transformed businesses. I look forward to supporting her as we drive our long-term strategy to transform BT Group, ensuring it delivers for all our stakeholders.”

BT also announced the following remuneration for Kirkby:

• A salary of £1,100,000 per annum.
• A cash allowance in lieu of pension of 10% of salary and other benefits in line with our Remuneration Policy.
• An on target annual bonus of 120% of salary (with a maximum of 200%) subject to performance. Half of the annual bonus paid will be deferred into BT Group shares for a further three years with no additional performance conditions.
• A long-term Restricted Share Plan (“RSP”) award of 200% of salary, which vests in three equal tranches three, four and five years after grant. She is required to hold all vested shares until five years after grant. Her first pro rata RSP award will be granted soon after becoming Chief Executive.

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AMD to invest $400M for R&D in India

AMD plans to invest approximately $400 million investment over the next five years to expand its R&D in India.

 The planned investment includes a new 500,000-square-foot AMD campus in Bangalore, Karnataka that will serve as the company’s largest design center. The company is looking to add 3,000 new engineering roles by the end of 2028.

"From a handful of employees in 2001 to more than 6,500 employees today, AMD has grown its India footprint based on the strong foundation established by our local leadership and the highly skilled talent pool,” said Mark Papermaster, executive vice president and chief technology officer, AMD. 

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Francisco Partners and TPG to privatize New Relic in $6.5B deal

Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, and TPG, a global asset management firm, agreed to acquire New Relic for $87.00 per share in cash. The all-cash transaction values New Relic at an equity valuation of approximately $6.5 billion. The purchase price represents a premium of approximately 26% to New Relic’s 30-day volume-weighted average closing price ending on July 28, 2023.

San Francisco-based New Relic offers a data observability platform that empowers engineers to get all telemetry—metrics, events, logs, and traces—paired with a full stack analysis tools.

For its most recent fiscal quarter, New Relic posted total revenue of $242.6 million, up 12% from $216.5 million one year ago. Consumption revenue was $213.9 million, up 39% year over year.

Bill Staples, CEO of New Relic, said, “New Relic has made significant progress on its consumption business transition and, together with Francisco Partners and TPG, we will have the resources and flexibility to not only complete the final chapter of this transition, but also accelerate our strategy and provide customers with a standardized data-driven practice that any company can benefit from. I am proud of all that the team at New Relic has achieved, and I thank each of our employees for executing in a dynamic market and contributing to our continued success.”

https://newrelic.com/

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NTT announces stabilization of an electro-optic modulation-based optical frequency comb

NTT Corporation (NTT) and Tokyo Denki University have succeeded in further stabilizing the graduated frequency of an optical frequency ruler generated by modulating the intensity and phase of laser light in an electrical signal.

By using this result, it is possible to obtain a light source with a narrow linewidth whose frequency interval is 25 GHz, and it is expected to be applied to high-speed and large-capacity optical communications such as next-generation digital coherent transmission. In addition, microwaves with significantly reduced phase noise can be generated, which is expected to improve the accuracy of microwave generation and evaluation equipment.

An optical frequency comb (OFC) is an optical signal that has a comb-like emission line spectrum on the frequency axis, and is used for optical frequency measurement and precise frequency conversion from light to microwave. 

This research was published in the British scientific journal, Scientific Reports on May 30, 2023, and was presented in an invited talk at PIERS2023, an international conference on photonics, electromagnetics and information communications, on July 3.

https://group.ntt/en/newsrelease/2023/07/21/230721a.html

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Ceragon names Ilan Rosen as Chairman, succeeding Zohar Zisapel

Ceragon Networks named Ilan Rosen as its new Chairman of the Board, succeeding Zohar Zisapel, who sadly passed away on May 19, 2023.

Rosen has been a member of Ceragon's Board of Directors since July 2021. He currently serves as Managing Director in HarbourVest Partners LLC, a global private equity firm with more than 1,000 employees that manages approximately $100 billion worth of investments in various private equity strategies around the globe. From 1997-2012 Mr. Rosen served as Chairman of the Board of Tdsoft LTD which later merged into VocalTec. 

“I will strive to honor the legacy of Zohar Zisapel and help Ceragon reach the next stage of its evolution as an industry leader creating value in large and growing markets,” commented Mr. Rosen. “This is an exciting time for Ceragon, and I believe we have the right team in place, with significant telecommunications and technology expertise from the Board level down, to enable us to capture market share, expand market penetration and create long-term shareholder value.”

https://www.ceragon.com/news/ceragon-networks-names-ilan-rosen-as-chairman-of-the-board

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In Memoriam: Zohar Zisapel, 1949-2023

Zohar Zisapel, network entrepreneur and co-founder of the RAD Group of companies in Israel, passed away due to cancer on May 20, 2023, at the age of 74.

In 1981, Zohar and his brother Yehuda and cofounded RAD Data Communications Ltd.  Its first product was a miniature modem. The company would go on to release its first optical product a few years later, eventually adding many more networking products, and splitting into separate companies under the RAD umbrella. 

Over the years, Zohar is credited with founding, guiding and/or inspiring dozens of high-tech start-ups in Israel. 

Zisapel is also remembered for his philanthropy and for his support of his alma mater, the Technion – Israel Institute of Technology.

A YouTube tribute to the Zisapel brothers: https://youtu.be/pqWbc6ydqaE

https://www.technion.ac.il/en/2023/05/the-technion-mourns-mr-zohar-zisapel/  

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JUPITER 3 geo-sat brings 500G capacity and 300 spot beams

On Friday, July 28, SpaceX’s Falcon Heavy rocket launched the Hughes JUPITER 3 mission to a geosynchronous transfer orbit. Three hours and twenty-eight minutes after lift-off, JUPITER 3 successfully deployed from the launch vehicle and the solar arrays were  unfolded in space to their full ten-story span. The satellite is now transmitting and receiving. It will undergo extensive bus and payload testing before entering service and augmenting the Hughes JUPITER fleet with more than 500 Gbps of additional capacity.  

JUPITER 3, also known as EchoStar XXIV, is the largest commercial satellite to date.  From geosynchronous orbit at 95° West longitude, it will provide connectivity across North and South America at speeds up to 100 Mbps. Hughes plans to offer a hybrid service that leverages multipath technology to seamlessly blend satellite and wireless technologies for a faster and more responsive service than traditional satellite internet. JUPITER 3 will also support applications such as in-flight Wi-Fi, enterprise networking and cellular backhaul for mobile network operators (MNOs).  

The new satellite  features customized architecture based on a broad range of technology advances, including industry-first Q- and V-band gateway feeder links, the miniaturization of electronics, solid state amplifiers and highly efficient spot beam antenna designs. JUPITER 3 is equipped with 300 spot beams. Each beam carries 500 MHz or more, providing more than 1 Gbps to the VSAT users in each cell.  It uses Ka-band, Q- and V-band for gateways. Hughes has 18 active gateways, each of which transmits 11 GHz of V-band and Ka band and receives 4 GHz in Q-band. 

JUPITER 3 was built by Maxar Technologies in Palo Alto, California. 

This was the third launch and landing of these Falcon Heavy side boosters, which previously supported USSF-44 and USSF-67.

“JUPITER 3 is the highest capacity, highest performing satellite we’ve ever launched. As the leading provider and inventor of satellite internet, we’re proud to herald the start of a new era of connectivity and serve more customers where cable and fiber cannot,” said Hamid Akhavan, CEO, EchoStar. “This purpose-built satellite is engineered uniquely to meet our customers’ needs and target capacity where it’s needed most, such as the most rural regions of the Americas, so they can stay connected to the applications and services they depend on every day.”  

https://www.hughes.com/resources/press-releases/hughes-jupiter-3-satellite-successfully-launches-heralds-start-new-era

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NTIA readies nearly $1 billion in 2nd round Tribal Broadband

The Department of Commerce’s National Telecommunications and Information Administration (NTIA) announced today the availability of $980 million in funding  under the second round of funding from the Internet for All initiative’s Tribal Broadband Connectivity Program (TBCP). 

The funding is targeted at Native American, Alaska Native and Native Hawaiian communities for the deployment of Internet infrastructure on Tribal Lands, affordability programs, telehealth and distance learning initiatives.

"The digital divide has disproportionately impacted people in Tribal communities for years,” said Assistant Secretary of Commerce for Communications and Information Alan Davidson.  “But thanks to our Tribal Broadband Connectivity Program, that’s finally starting to change. This latest round of funding will provide Indian Country with affordable, reliable, high-speed Internet service.”

TBCP has already awarded $1.78 billion to 191 Tribal entities since the program began in 2021. By expanding high-speed Internet access and providing digital training and inclusion programs, the program will improve quality of life, spur economic development, and create opportunities for remote employment, online entrepreneurship, remote learning, and telehealth for Native American communities.

https://www.ntia.gov/press-release/2023/biden-harris-administration-announces-nearly-1-billion-new-internet-all-funding

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Dell’Oro: AI infrastructure spending propels data center CAPEX

AI infrastructure spending will propel data center capex to over a half trillion dollars by 2027, according to a new report from Dell’Oro Group. However, the report predicts near-term cloud and enterprise capex growth to decelerate as the market undergoes digestion.

“Despite near-term data center capes growth headwinds as the major cloud service providers and enterprises optimize their infrastructure, forthcoming technology transitions will stimulate long-term growth,” said Baron Fung, Senior Research Director at Dell’Oro Group. “Most notably, the hyperscale cloud service providers will prioritize their investments toward accelerated systems for AI applications for both their public cloud platform and SaaS offerings. We will see continuous optimization across the entire data center stack, with the deployment of next-generation servers featuring high-core counts and deeper memory that are attached to next-generation networks. Meanwhile, the rest of the market will invest in accelerated systems more selectively, with most enterprises adopting a hybrid cloud strategy,” explained Fung.

Additional highlights from the July 2023 Data Center IT Capex 5-Year Forecast Report:

• * Worldwide data center capex is forecast to grow 15 percent by 2027.
• * Over 20 percent of the global server deployments in 2027 may be accelerated.
• * The edge computing forecast was trimmed as the ecosystem and compelling use cases have been slow to materialize.

https://www.delloro.com/news/ai-infrastructure-investments-will-lift-data-center-capex-to-over-500-billion-by-2027/

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DE-CIX expands interconnection footprint to Indonesia

DE-CIX plans to establish a joint venture company PT DE-CIX Indonesia, together with PT IDMarco Digital Solusi, a subsidiary of the Salim Group. 

The plan is to operate a distributed IX across multiple data centers in Jakarta using the DE-CIX Apollon platform. 

DE-CIX Jakarta will be connected to the existing DE-CIX ecosystem in Southeast Asia, now covering six metro markets: Jakarta, Singapore, Kuala Lumpur, Johor Bahru, Brunei, and Manila. The IX will be directly connected to DE-CIX Singapore, thus incorporating DE-CIX Jakarta into its Southeast Asian interconnection ecosystem.

The platform includes advanced security features such as DE-CIX’s blackholing services and in-depth statistical data that allows participants to better understand their own traffic patterns, as well as a self-service portal and API for the easy management and automation of interconnection services.

“Indonesia, with the largest population and the fastest-growing economy in Southeast Asia, is the next logical step for DE-CIX in the region,” explains Ivo Ivanov, CEO of DE-CIX. “Our integrated solution supports the ongoing transformation of content and traffic localisation in the ASEAN region. Mega Hubs like Singapore and Hong Kong will continue to be important, however we expect to see the main growth in markets such as Jakarta. With the arrival of DE-CIX Apollon in Jakarta, all networks in Indonesia are invited to take advantage of DE-CIX’s best-in-class platform.”

“There has been a quiet investment made in basic digital infrastructure for the last 10 years, thus allowing Indonesia’s Internet penetration to increase significantly over the last five years, especially during the 2020 pandemic from both Mobile and Fixed Broadband. More and more people are becoming aware of the importance of good quality Internet, not just solely relying on fiber optic cables or the latest VSAT technology for connectivity. With the presence of this world-class Internet Exchange, we can accelerate the realization of better Internet quality for Indonesia. We are witnessing a new history being written.” said Thomas Dragono, Director of IDMarco Digital.

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TPG Real Estate acquires 80% of Digital Realty’s NoVA data centers

TPG Real Estate will acquire an 80% stake in three of Digital Realty’s hyperscale data centers in Northern Virginia. The deal is structured as a join venture in which Digital Realty retainsa minority interest in the portfolio while continuing to manage the day-to-day operations of the assets.

The three hyperscale data centers were contributed to the joint venture at an aggregate value of $1.5 billion.  The assets contain approximately 104 megawatts of IT capacity and are primarily leased by investment grade customers.  Based on annualized in-place cash NOI at June 30, 2023, net of signed leases and known move-outs, the transaction values the three facilities at approximately a 6.0% cap rate.  

Digital Realty will receive approximately $1.3 billion of gross proceeds related to the joint venture and the associated financing, which will be used to pay down debt, for transaction related expenses, and general corporate purposes.

"We welcome this partnership with TPG, a highly distinguished investment partner," said Digital Realty Chief Investment Officer Greg Wright.  "The completion of this stabilized hyperscale data center joint venture bolsters and diversifies Digital Realty's capital sources with an experienced partner and further enhances the efficiency of our balance sheet.  We remain focused on positioning Digital Realty to prudently support our stakeholders' longer term capacity requirements and look forward to executing on the remaining elements of our capital plan for 2023."

"Demand for data centers continues to grow rapidly due to data proliferation and the mass adoption of cloud computing.  These are long-term trends that we expect will only be accelerated by recent advancements in AI," said Ty Newell, Business Unit Partner with TPG Real Estate. "Located in the largest and most densely connected data center hub in the world, the Portfolio is well-positioned to address this demand.  We are excited by the outlook for the Ashburn market and look forward to working alongside a world-class partner in Digital Realty."

https://investor.digitalrealty.com/news/news-details/2023/Digital-Realty-and-TPG-Announce-Joint-Venture-of-Hyperscale-Data-Centers-in-Northern-Virginia/default.aspx

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