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- Global Switch
Global Switch Revenue, Valuation, Funding & Investors
Global Switch is valued at $7.6B as of July 2018, a 14.4x multiple on its last reported $531M revenue.
Last Global Switch valuation
$7.6B
Secondary · Jul 2018
Global Switch revenue
$531M
Secondary · Jul 2018
Key investors in Global Switch
Shagang Group
Ping An Ventures
AVIC Trust
China CITIC Bank
About Global Switch
Global Switch is a carrier-neutral data center operator with 278,700 sq m of space across Europe and Asia-Pacific. Headquartered in London since 1998, the company runs flagship facilities in Sydney, Melbourne, Singapore, Hong Kong, Frankfurt, Amsterdam, and Paris, accommodating hyperscalers like AWS and Google Cloud. Its campuses provide up to 100 MW power capacity and direct connections to 500 networks.
Founded
1998
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$531M (Jul 2018)
Valuation
$7.6B (Jul 2018)
Sectors
Global Switch Valuation
Global Switch is currently valued at $7.6B, based on its secondary sale in July 2018.
The $2.8B round included Shagang Group, AVIC Trust and China CITIC Bank.
Global Switch's valuation has grown 1.1x from $7B at its secondary sale in December 2016 to $7.6B in July 2018, across 2 priced rounds.
Global Switch valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2018 | Secondary | $7.6B | 14.4x |
| Dec 2016 | Secondary | $7B | 14.4x |
Global Switch Revenue
Global Switch's latest recorded revenue is $531M, as of its secondary sale in July 2018. At a $7.6B valuation, that implies a 14.4x revenue multiple.
Revenue grew from $491M in December 2016 to $531M in July 2018, while the revenue multiple moved from 14.4x to 14.4x.
Global Switch revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2018 | $531M | $7.6B | 14.4x | Secondary |
| Dec 2016 | $491M | $7B | 14.4x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Global Switch Funding History
Global Switch has 2 recorded secondary share sales and no primary funding rounds.
Global Switch funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2018 | Secondary | Shagang Group; AVIC Trust; China CITIC Bank | $2.8B | $7.6B | Global Switch is a data centre developer operating facilities across Europe and Asia Pacific, with around 340,000 square metres of space as of mid-2018. In March-July 2018, a consortium of Chinese investors including AVIC Trust, China CITIC Bank affiliates, Haoyue Capital, and Jiangsu Shagang Group, through Strategic IDC Limited, acquired a 24.99% stake from Aldersgate Investments Limited for £2.1 billion ($2.8 billion). This transaction valued the stake at £2.1 billion, implying a full enterprise value around £8.4 billion, and increased mainland-backed ownership to over 75%. The deal followed a 2016 acquisition where Elegant Jubilee Ltd, backed by AVIC Trust and Shagang Group, purchased 49% for £2.4 billion, with Global Switch chairman Li Qiang increasing his stake. Post-2018 transaction, ownership comprised Elegant Jubilee (51%), Strategic IDC (24.99%), and Aldersgate (24.01%, later fully sold to Shagang in 2019 for £1.8 billion). The company reported revenue of £398.9 million and EBITDA of £274.7 million for the year ended December 31, 2018, up 5.6% and 2.6% from 2017, with investment properties valued at £5,952.2 million. Global Switch emphasized continued growth and a potential public listing in 2019 on a major exchange in Europe, Asia, or the US, supported by strong operational metrics including £213.0 million cash from operations and net assets of £3,752.4 million at year-end 2018. |
| Dec 2016 | Secondary | Shagang Group (lead); Ping An Ventures | $3B | $7B | Global Switch is a leading owner, operator, and developer of large-scale, network-dense, carrier- and cloud-neutral data centers in Europe and Asia-Pacific, with ten data centers across seven markets and 3.24 million square feet of gross space as of 2016. In December 2016, a consortium led by Shagang Group through Elegant Jubilee Limited acquired a 49-51% equity stake from Aldersgate Investments (Reuben Brothers) for approximately £2.4-2.7 billion, implying an equity valuation of around £5.3 billion. This transaction marked the first major Chinese investment in the company, supporting expansion into markets like China. For the fiscal year ended December 31, 2016, Global Switch reported revenue of £368.8 million and EBITDA of £254.3 million, achieving a 69.0% EBITDA margin. The company's data centers and land interests had a CBRE property valuation of £4.9 billion. Utility power supply to data centers totaled 291 MVA. Shagang Group increased its stake progressively, acquiring additional interests in July 2018 (24.99% for $2.4 billion) and directly 24.01% in 2019 for £1.8 billion ($2.2 billion), becoming the largest shareholder at 49.9% on a look-through basis by 2019. |
Who has invested in Global Switch?
4 investors have backed Global Switch across its funding rounds, including Shagang Group, Ping An Ventures, AVIC Trust and China CITIC Bank.
Lead investors include Shagang Group.
Global Switch Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Dec 2016 | ||
| 1 | Participant | Jul 2018 | ||
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Start Free TrialGlobal Switch Competitors
Global Switch competitors include listed companies like Oracle Corp Japan, Applied Digital, INWIT and D-Wave Quantum, and private ones like Bersama Digital Infrastructure and DataBank.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.8B | $589M | $7.7B | 3.9x | ||
| Publicly listed | $611M | ($85M) | $7.5B | 20.1x | ||
| Publicly listed | $1.2B | $1.1B | $6.8B | 10.6x | ||
| Publicly listed | $25M | ($373M) | $6.7B | 166.4x | ||
| Private | - | $403M | $6.5B | - | ||
| Private | $311M | - | $6.2B | - |
Global Switch Public Comps
Global Switch is still privately-owned, but its public comps include Oracle Corp Japan, Applied Digital, INWIT, D-Wave Quantum, Lumen, GDS Holdings, Nextdc, Core Scientific, Wangsu and IEIT Systems.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | $589M | 3.9x | 3.9x | 12.1x | 12.2x | |||
| $611M | ($85M) | 21.3x | 20.1x | (154.0x) | 78.1x | |||
| $1.2B | $1.1B | 10.6x | 10.6x | 11.8x | 11.7x | |||
| $25M | ($373M) | 252.9x | 166.4x | (16.7x) | (56.5x) | |||
| $12B | $1.2B | 1.5x | 1.6x | 14.7x | 6.1x | |||
| $1.7B | $882M | 6.8x | 6.3x | 13.1x | 13.6x | |||
| $353M | $138M | 21.9x | 19.2x | 56.0x | 38.3x | |||
| $319M | ($211M) | 25.2x | 13.9x | (38.1x) | 50.7x | |||
This data is available for Pro users. Sign up to see all Global Switch competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Global Switch
| When was Global Switch founded? | Global Switch was founded in 1998. |
| Where is Global Switch headquartered? | Global Switch is headquartered in London, United Kingdom. |
| Is Global Switch publicly listed? | No, Global Switch is a private, VC-backed company. |
| What is Global Switch's valuation? | Global Switch was last valued at $7.6B in its secondary sale in July 2018. |
| Who are Global Switch's investors? | Global Switch's investors include Shagang Group, AVIC Trust, China CITIC Bank and Ping An Ventures. |
| What is Global Switch's revenue? | Global Switch's latest recorded revenue is $531M (July 2018). |
| What is Global Switch's revenue multiple? | Global Switch's latest valuation implies a 14.4x revenue multiple ($7.6B valuation on $531M of revenue). |
| Which companies are comparable to Global Switch? | Companies comparable to Global Switch include Oracle Corp Japan, Applied Digital, INWIT, D-Wave Quantum, Bersama Digital Infrastructure and DataBank. |
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