Verne Global Acquisition, Valuation, Funding & Investors

Verne Global was acquired by Ardian for $575M in November 2023.

Verne Global acquisition price

$575M

Acquired by Ardian · Nov 2023

Verne Global EBITDA multiple at acquisition

33.4x

EV/EBITDA · Nov 2023

Cumulative funding Verne Global raised

$125M

across 2 funding rounds

Key investors in Verne Global

  • General Catalyst
  • Novator
  • Wellcome Trust
  • Stefnir

Verne Global Overview

About Verne Global

Verne Global is an Iceland-based data center operator powering facilities in Keflavik with 100 percent renewable geothermal and hydroelectric energy. The 45-acre campus hosts colocation for hyperscalers and financial services firms bridging Europe and North America. Verne Global provides high-density racks up to 50kW and submarine cable connectivity.


Founded

2007

HQ

United KingdomLondon

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Valuation

$575M (acquired Nov 2023)

Verne Global Acquisition

Verne Global was acquired by Ardian for $575M on 27 November 2023.

The acquisition price implies a 33.4x EBITDA multiple.

Before the acquisition Verne Global had raised $125M across 2 funding rounds.

Verne Global, a leading provider of sustainable data center solutions for high-intensity computing and colocation, operates a 24MW campus on a former NATO site near Keflavik, Iceland, with additional facilities in Finland (via acquired Ficolo) and the UK (via Volta Data Centres). The company, formerly known as Verne Global, focuses on renewable energy-powered data centers to help customers scale digital infrastructure while minimizing carbon footprints, boasting 29MW of sold capacity in 2023. Ardian, a world-leading private investment house specializing in infrastructure, completed the acquisition of 100% of Verne's share capital from Digital 9 Infrastructure plc (D9) in March 2024, following a binding agreement signed in November 2023 for an equity purchase price of up to $575 million (£465 million). The deal structure included customary merger control and foreign direct investment clearances, primarily in Finland, with Ardian securing a green financing package from tier-1 European and international banks. Ardian committed up to $1.2 billion in equity and debt to fuel Verne's expansion across Northern Europe, targeting a near-fourfold increase in sold capacity through new sites in Iceland, Finland, Sweden, Norway, and beyond. Strategic rationale centers on Verne's green credentials, low-carbon energy access in the Nordics, and surging AI-driven demand, leveraging Ardian's digital infrastructure expertise and regional networks to support CEO Dominic Ward's team in sustainable growth. D9 originally acquired Verne for £231 million ($320 million) in 2021 amid portfolio expansion, but rising debt and shareholder pressure shifted from a minority stake sale to full divestiture, enabling $373.83 million debt repayment. The transaction underscores competitive dynamics in Europe's data center market, where Nordic locations offer construction synergies, international connectivity, and renewable power advantages over global peers.

Verne Global acquisition details
AcquirerDateTypePriceEV/EBITDA
  • Ardian
27 Nov 2023PE buyout$575M33.4x

Verne Global Funding History

Verne Global has raised a total of $125M across 2 funding rounds.

Verne Global's first fundraising round was a $98M Series D in January 2015. The most recent completed round was a $27M undisclosed-stage round in June 2020.

Verne Global funding rounds

Verne Global funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2020Undisclosed stageGeneral Catalyst; Wellcome Trust; Stefnir; Novator$27MVerne Global is a provider of advanced data center solutions for high performance computing (HPC), operating a campus in Iceland launched in 2012 from a former NATO base in Keflavik. The company raised $27 million in funding around June 3, 2020, from existing investors including General Catalyst, Novator Partners, Stefnir, and the Wellcome Trust to expand its Icelandic data center campus, driven by demand from HPC customers. It has attracted clients such as BMW, RMS, CCP Games, Datapipe, Colt, and RVX Studios, and previously raised $98 million in 2015 to expand wholesale and colocation services. In 2017, Verne Global introduced hpcDirect, an HPC-as-a-Service offering targeting manufacturing (especially automotive), life sciences, and financial services. It deployed a 5.1 petaflops HPC system for DeepL, a German neural network-based translation company. The 2020 round was a private equity investment, part of five funding rounds totaling $125 million, though specific valuations for this round are undisclosed. Later developments include an acquisition in September 2021 at a $318.54 million valuation and an Acq - Fin in November 2023. Separately, Digital 9 Infrastructure acquired Verne Global for around $320 million (£231 million) as part of broader investments, with a sale completion involving a $415 million initial purchase price, but these post-date the 2020 round.
Jan 2015Series DStefnir (lead); General Catalyst; Wellcome Trust; Novator$98MVerne Global is a UK-based developer and operator of energy-efficient data centre campuses located in Keflavik, Iceland. The company specializes in offering scalable and secure data centre solutions that combine low operational costs with renewable energy resources, with its Keflavik facility powered entirely by renewable energy and cooled naturally by Iceland's environment without chillers or compressors. On January 12, 2015, Verne Global announced a Series D equity funding round of $98 million, led by Stefnir, an Icelandic asset management and private equity firm working with major Icelandic pension funds. Existing investors including the Wellcome Trust, Novator Partners, and General Catalyst also participated in this round. The company stated it would use the funds to expand its wholesale and co-location service offerings and to design and develop high-density, flexible resiliency data centre space to meet growing customer demand. At the time of the announcement, Verne Global's current customers included BMW Group, CCP Games, RMS, Datapipe, and COLT. CEO Jeff Monroe emphasized that Iceland's strategic location between Europe and North America's largest data centre markets, combined with its abundant renewable energy resources and power grid reliability, positioned the country as the optimal location for data centre operations in a data-driven economy.

Who has invested in Verne Global?

4 investors have backed Verne Global across its funding rounds, including General Catalyst, Novator, Wellcome Trust and Stefnir.

Lead investors include Stefnir.


Verne Global Investors

Investors in Verne Global by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesSan Francisco, CA2ParticipantJan 2015
Wellcome TrustUnited KingdomLondon2ParticipantJan 2015

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Verne Global Competitors

Verne Global competitors include listed companies like West Holdings, JinkoSolar and Raizen, and private ones like NatPower, Antora Energy and Tensordyne.

Public and private companies comparable to Verne Global
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NatPowerLuxembourgLuxembourgPrivate--$575M-
Antora EnergyUnited StatesSan Francisco, CAPrivate--$574M-
West HoldingsJapanJapanPublicly listed$304M$74M$571M2.7x
TensordyneUnited StatesSan Francisco, CAPrivate--$569M-
JinkoSolarChinaChinaPublicly listed$9.8B($44M)$564M0.6x
RaizenBrazilBrazilPublicly listed$44B($1.4B)$563M0.3x

Verne Global Public Comps

Verne Global is no longer listed, but its public comps include West Holdings, JinkoSolar, Raizen, Audax Renovables, Edarat Group, Cox Energy, CW Enerji, Cloudberry Clean Energy, Zephyrus Wing Energies and Northern Data.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
West Holdings$304M$74M3.1x2.7x12.6x10.3x
JinkoSolar$9.8B($44M)0.6x0.6x(139.6x)25.8x
Raizen$44B($1.4B)0.3x0.3x(8.7x)9.7x
Audax Renovables$2.2B$107M0.4x0.4x8.5x7.2x
Edarat Group$51M$12M10.6x-44.5x-
Cox Energy$627M$154M6.5x-26.5x-
CW Enerji$336M$74M2.2x-10.0x-
Cloudberry Clean Energy$55M$39M18.3x9.6x25.6x15.5x

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Common questions about Verne Global

When was Verne Global founded?Verne Global was founded in 2007.
Where is Verne Global headquartered?Verne Global is headquartered in London, United Kingdom.
Is Verne Global publicly listed?No, Verne Global was acquired by Ardian in November 2023.
Who acquired Verne Global?Verne Global was acquired by Ardian in November 2023.
How much was Verne Global acquired for?Verne Global was acquired for $575M in November 2023.
How much funding has Verne Global raised?Verne Global has raised $125M across 2 funding rounds.
What was Verne Global's last funding round?Verne Global's last funding round was a $27M undisclosed-stage round in June 2020.
Who are Verne Global's investors?Verne Global's investors include General Catalyst, Wellcome Trust, Stefnir and Novator.
Which companies are comparable to Verne Global?Companies comparable to Verne Global include NatPower, Antora Energy, West Holdings, Tensordyne, JinkoSolar and Raizen.

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