NextDC's A$50 million push

Data Center provider NextDC has announced the completion of an equity-raising initiative worth A$50 million.

The money is to go towards NextDC’s Canberra and Melbourne data facilities.

Bevan Slattery, NextDC CEO, says the funds will help the company undertake expansion and growth programs.

"NextDC’s vision is to become the most recognised, connected and trusted data center brand in Australia and New Zealand,” Slattery says.

The equity initiative leaves NextDC with over A$150 million in equity and around A$95 million cash in the bank, Slattery adds.

"This was only possible due to strong support from NextDC’s institutional and retail shareholders, who understand the significant market opportunity and NextDC’s business model and vision.”

Although NextDC has centres in five Australian cities, the company is still to act on suggestions it may establish a data center in New Zealand.