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Equinix bought Itconic to gain an operating data-center footprint in Spain and Portugal, strengthen its interconnection reach into Iberia, and add CloudMas’s hybrid-cloud expertise. The 2017 deal gave Equinix five facilities and an established customer and provider ecosystem; the company also argued that Iberia’s submarine-cable links made the region strategically important for connections between Europe, Latin America, and Africa.
What Equinix acquired
On September 11, 2017, Equinix announced an agreement with The Carlyle Group to acquire Itconic and its subsidiary CloudMas. The agreement was signed September 8, and Equinix expected the transaction to close in the fourth quarter, subject to customary conditions including regulatory approval. It completed the acquisition on October 9, 2017.
Itconic’s portfolio comprised five data centers across four metropolitan areas: two in Madrid and one each in Barcelona, Seville, and Lisbon. Equinix said the facilities added approximately 322,000 gross square feet to its International Business Exchange (IBX) portfolio and extended its physical presence into Spain and Portugal. Equinix’s September 11, 2017 announcement gives the site and footprint figures.
The acquisition also brought CloudMas, which Equinix described as a company focused on helping enterprises adopt and use cloud services. Its stated capabilities included hybrid-cloud architecture, cloud adoption, and migration. In its closing announcement, Equinix said more than 250 employees joined its European team and that many CloudMas staff held certifications for deploying and supporting services on leading cloud platforms. The October 10, 2017 closing release reports those details.
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Why Iberia mattered to Equinix
An immediate regional footprint
Buying an operating group of data centers gave Equinix facilities in Spain and Portugal through one transaction, rather than requiring it to establish a local portfolio from scratch. That is a practical implication of the acquired five-site footprint, not evidence about Equinix’s internal alternatives or the timing and cost of any hypothetical buildout.
A claimed gateway for international connectivity
Equinix’s geographic case centered on Iberia’s position between Europe, Latin America, and Africa. In the 2017 announcement, Eric Schwartz, then Equinix’s president of EMEA, said new direct submarine cables linking those regions would connect through Iberia, making it an interconnection hub. The release said ACE, WACS, and Tata Global Network connected to Itconic’s Lisbon data center, that MainOne was expected to connect in the future, and that Seville connected to Canalink.
Those cable references describe Equinix’s claims in 2017, not verified current routes or status. The strategic logic was that customers using data centers near network routes and providers could have more opportunities to connect traffic across regions.
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An existing customer and provider ecosystem
Equinix said Itconic served more than 400 Iberian customers and had more than 100 network and mobility companies and more than 90 cloud and IT service companies in its ecosystem. The announcement named AWS, Microsoft Azure, and Google Cloud among the cloud and IT providers. These are figures and examples Equinix reported at the time, not independently audited market counts or proof that particular customers remained after the acquisition.
For a colocation and interconnection business, the value of a facility can extend beyond its floor space: nearby networks, cloud providers, and customers may give businesses more options for exchanging traffic. Equinix’s stated rationale combined that ecosystem with the geographic reach it associated with Iberia.
What the deal cost—and why two figures appear
Equinix announced an all-cash purchase price of €215 million, approximately US$259 million. Its October 2017 closing release also stated €215 million. However, Equinix’s 2017 Form 10-K reported the completed acquisition’s cash purchase price as €220.5 million, or US$259.1 million using the exchange rate on October 9, 2017. The reviewed company materials do not explain the difference between the announced euro amount and the amount recorded in the filing.
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| Figure | What it represents | Source and date |
|---|---|---|
| €215 million (approximately US$259 million) | Announced all-cash price; also repeated in the closing release | Equinix announcement, September 11, 2017; closing release, October 10, 2017 |
| €220.5 million (US$259.1 million) | Completed cash purchase price reported in Equinix’s filing; the dollar conversion used the October 9, 2017 exchange rate | Equinix 2017 Form 10-K, filed 2018 |
Equinix also said the acquired business had approximately €55.5 million in revenue, or approximately US$66.8 million, annualized from the second quarter of 2017. That was a company-reported annualized figure, not a full-year result.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Equinix said it expected to gain
Schwartz described the acquisition as extending Equinix’s ability to provide direct, secure connectivity and support customers’ IT transformation and international reach. In the September announcement, he tied the purchase to growing the company’s regional and global footprint. Itconic CEO Faustino Jiménez likewise presented access to Equinix’s global platform as a benefit for companies operating in the Iberian Peninsula. These were statements by company executives when the agreement was announced, not independent findings about the deal’s later results.
The evidence establishes the assets acquired, the company’s stated strategic rationale, and the price figures reported at announcement and in its filing. It does not establish whether the anticipated network advantages, customer benefits, or business synergies were ultimately achieved.
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