Canberra has again proved that it punches above its weight when it comes to technology, with local data centre company Canberra Data Centres (CDC) selling a 45 per cent stake in its business for $140 million last week.
The Australian Financial Review reports that the investor is Sydney-based private equity firm Quadrant. CDC, which was founded by Ken Lowe in 2007, is the largest provider of outsourced data centre co-location services to the federal government.
While CDC may not be a particularly well-known Canberra company, the quiet achiever has a knack for winning confidential government contracts. Earlier this month, it was awarded a subcontracting role to provide data centre services to the Department of Defence. In July, it was named on the Data Centre Supplies Panel (Panel 2) by the Department of Finance.
Lowe, who also serves as CDC chairman, told the Australian Financial Review that the sale represented a major milestone for the company.
“To think where we started on this journey we can’t help but be proud of what the team has built. To some extent we are at an inflexion point,” he said.
“We have to grow and continue to invest to meet increasing customer needs.”