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M&A: Sustainable Data Center Consultancy, MSP Keysource Acquires 2bm

April 18, 2024 by Joe Panettieri

Keysource, an MSP (managed IT service provider) that offers sustainable data center solutions and strategic advisory services, has acquired 2bm Limited. Financial terms of the deal were not disclosed.

This is M&A deal number 195 that Sustainable Tech Partner has covered so far in 2024. See all M&A deals involving sustainability, climate tech and green IT services listed here.

Keysource, founded in 1982, is based in Gatwick, United Kingdom. The IT consulting firm offers various managed services focused on data center operations. The company's expertise also includes professional services, consulting, and end-to-end project management. Key customers include business owners, data center owners and investors.

Mark King
Mark King, managing director, 2bm

2bm, founded in 2002, is based in Nottingham, UK. The company specializes in complex data center design and build projects. The company will retain its brand name. Moreover, 2bm Managing Director Mark King will continue to lead that business.

Keysource Acquires 2bm: Executive Perspectives

In a prepared statement about the deal, King said: "We are excited to join Keysource, which will allow us to leverage their national and global presence and greater resources to expand 2bm’s reach and capabilities. We see being part of the Group as a hugely positive step forward for everyone concerned, both in terms of the opportunities it brings for our employees and customers."

Stephen Whatling, CEO, Keysource

Added Stephen Whatling, group CEO of Keysource: “We are delighted to welcome 2bm to the Keysource Group. Their specialist skills and experience in data centres and critical environments are a perfect fit for our business, and we see significant opportunities for collaboration. With minimal customer overlap, the combined group will be well-positioned to target even larger and more complex projects.”

This M&A deal surfaced roughly one month after Keysource acquired GDM Building Consultants, a provider of engineering, sustainability and facilities management solutions. Financial terms of that deal also was not disclosed.

M&A and Investment Activity: Sustainable Data Centers

M&A and investor activity in the data center market has been strong -- particularly as it pertains to building energy-efficient and/or sustainable data centers that leverage renewable energy. Among the example moves to note:

  • March 2024 - Acquisition: Private investment and asset management firm Ardian has acquired green data center company Verne from Digital 9 Infrastructure. Financial terms of the deal were not disclosed.
  • March 2024 - Startup InvestmentVerrus, backed by Google parent Alphabet, emerged from stealth mode to help customers solve data center scalability and sustainability challenges -- especially in the age of generative AI application workloads.
  • March 2024 - Acquisition: Amazon Web Services (AWS) acquired a nuclear powered, carbon-free data center campus from Talen Energy Corp. for $650 million. Talon will receive $350 million upfront, and $300 million assuming the campus achieves expected development milestones in 2024.
  • February 2024 - Investment: Goldman Sachs Alternatives invested in Divcon Controls -- a systems integrator that helps data centers to monitor, manage, optimize and reduce their energy consumption. The investment will recapitalize Divcon. Financial terms of the deal were not disclosed.

Generative AI and Cloud Services: Energy Consumption, Scalability Challenges

Sam Altman
Sam Altman, CEO, OpenAI

Meanwhile, numerous companies -- including technology giants, startups and venture capitalists -- are seeking to solve various power supply, grid and energy consumption challenges associated with generative AI workloads, data centers and cloud services.

Among the sound bites to note:

At the same time, public cloud providers such as Amazon Web ServicesGoogle Cloud Platform and Microsoft Azure are striving to embrace renewable energy to power their data centers.

We'll be watching to see if of how Keysource continues to acquire data center and sustainability expertise.

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