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Switch and Data Set For IPO Internet connection and colocation service provider Switch and Data Inc is reported to be planning an initial public offering. The company provides Internet connections through multiple carriers to businesses. Its client base is blue-chip and includes Hewlett-Packard, Microsoft, Amazon.com, video sharing site YouTube, search engines Yahoo and Google, as well as telecom carriers, network and Internet service providers such as AOL and Qwest. Eircom recently selected Switch and Data to support its expansion in the US. Underwriters for the offering include Deutsche Bank Securities, Jefferies & Co., CIBC World Markets, Raymond James, Lazard Capital Markets, RBC Capital Markets and Merriman Curhan Ford. It is suggested that the offering will yield in the region of USD122 million, although some market reports point to a higher figure. The Telecommunications Industry Association predicts that Internet traffic in the US will grow at a 34.4% compound annual growth rate from 2005 to 2008. Growth is being driven by increasing broadband penetration and the proliferation of bandwidth-intensive services including VoIP, online gaming, streaming video and audio, and IPTV. This is leading to increasing demand for interconnection services, as network service providers, ISPs, and other Internet-dependent businesses require additional connectivity to exchange increasing amounts of network traffic. The competitive structure of the US market includes key players such as Equinix and Terremark offering some services that are in a similar space to Switch and Data. At the same time there are interconnect, managed services, colocation, web hosting and ISPs also competing within different parts of the sector.
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