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Standard & Poor's upgraded Cyxtera DC Holdings to a credit rating of B- and assigned the same rating to its parent company, Cyxtera Technologies, effective September 1, 2021. This positive evaluation reflects the company's strong interconnection services, improved liquidity post-merger with Starboard Value Acquisition Corp, and its substantial operational capabilities with a network of 61 data centers across 29 markets. With a robust customer base and strategic focus, Cyxtera is positioned to capitalize on growth opportunities in the data center sector.
Nutanix (NTNX) and Cyxtera (CYXT) have partnered to launch the first Nutanix Federal Innovation Lab, located in Northern Virginia. This facility aims to provide U.S. Federal customers and industry partners with a controlled environment to develop proofs of concept and test mission-critical applications. Utilizing the Nutanix Cloud Platform and operated by Cyxtera's infrastructure, the lab ensures rapid deployment and efficient IT management, enhancing hybrid multicloud capabilities. Developed in collaboration with Intel, the lab supports various workloads while adhering to stringent federal security requirements.
Cyxtera (NASDAQ: CYXT) reported Q2 2021 financial results, showing a 1.3% year-over-year revenue growth to $175.4 million. Core revenue rose 7.1% to $159.4 million. Transaction Adjusted EBITDA increased 5.4% to $62.3 million, despite a $93 million net loss, which included a $58.9 million restructuring charge. Core bookings grew 54% year-over-year, and average monthly churn improved to 0.9%. Cyxtera expects total revenue for 2021 to be between $681 million and $702 million, with an EBITDA forecast of $217 million to $223 million.
Cyxtera (NASDAQ: CYXT), a leader in data center colocation and interconnection services, has announced participation in two investor conferences. Nelson Fonseca, President and CEO, will take part in a fireside chat at Cowen and Company's 7th Annual Communications Infrastructure Summit on August 10. Additionally, Fonseca and CFO Carlos Sagasta will engage in panel discussions at Raymond James’ Park City Summit on August 11 and 12. Cyxtera operates over 60 data centers globally, serving more than 2,300 enterprises and U.S. federal agencies.
Starboard Value Acquisition Corp. (SVAC) has announced stockholder approval for its business combination with Cyxtera Technologies, a leader in data center services. This vote took place during a Special Meeting, with a Form 8-K filing to follow. Post-combination, SVAC will issue 106.1 million Class A shares to SIS Holdings and others, totaling 165.9 million shares outstanding with $493 million in cash available before expenses. The transaction is set to close on July 29, 2021, with trading under the new ticker CYXT commencing on July 30, 2021.
