HONG KONG, CHINA--(Marketwired - Oct 7, 2014) - Pacnet, a leading provider of integrated technology solutions in the Asia-Pacific region, today announced the appointment of Michael Xu as CEO of its equity joint venture in China, Pacnet Business Solutions (PBS), with immediate effect. Based in Shenzhen, Mr. Xu will drive the company's expansion plan and lead the PBS team in grasping the tremendous opportunities presented in the China data center and networking market.
Mr. Xu has more than 25 years' experience in the IT and data center industry and was previously Senior Vice President at GDS Services Ltd responsible for sales, marketing, solutions and government relations. Prior to that, he worked with Dell for more than seven years where he was most recently the General Manager of China Medium Business. He also held several senior positions in global technology companies including Sun Microsystems, Oracle and Motorola.
"China is now at the forefront of the world's digital economy. Since we entered this dynamic market with our equity joint venture Pacnet Business Solutions in 2008, we have witnessed a dramatic demand for ICT and data center services from both local conglomerates and MNCs. Today, we are the first and only foreign company licensed to provide IPVPN services and data center network services in China," said Carl Grivner, CEO of Pacnet. "Michael will play a pivotal role in transforming the company into an even stronger data center and network operator in China to capitalize on our momentum within the market and to exponentially grow our business. He is a great addition to our leadership team."
According to DCD Intelligence, China's colocation market is set to grow at a compound annual growth rate (CAGR) of 40 percent, reaching 380 percent of its current size by 20161. The rising demand is largely driven by the rapid development of cloud computing and big data as a result of the government's Twelfth Five-Year Plan. IDC expects the Big Data technology and services market will grow at 38.7 percent CAGR from US$165.5 million to US$850.1 million in 20172. China's cloud computing market is expected to be worth US$6 billion in 2017 as demand for the service grows, reported by the China Securities Journal3.
"I am very pleased to have been appointed as the CEO of Pacnet Business Solutions and am excited about the significant growth potential which exists for us in China," said Mr. Xu. "We have a unique combination of assets that enable us to offer a truly-differentiated value proposition to our customers and be at the centre of megatrends like the increasing adoption of cloud computing and big data. PBS already has an extensive domestic footprint in telecom as well as Tier III data center infrastructure and operations in major China markets which we will continue to strengthen. At the same time, I look forward to ensuring that we continue to build the right strategy, products, services, skills and focus on innovation in PBS to capitalize on this opportunity and to cement our leadership position."
Along with today's announcement, Pacnet has also appointed Henry Lam as Vice Chairman of the PBS Board of Directors. Mr. Lam has served as the CEO for PBS for the past six years. During this time he has helped build PBS from a startup to an enterprise class service provider and established solid foundations for the company in China. As Vice Chairman, he will now focus on deepening the company's relationships with key government institutions and local telecommunications companies in China for strategic business development.
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About Pacnet
Pacnet is Asia-Pacific's leading provider of managed data connectivity solutions to major telecommunications carriers, large multinational enterprises and government entities in the region. Ownership of the region's most extensive high-capacity submarine cable systems with over 46,000 km of fibre and connectivity to interconnected data centers across 14 cities in the Asia-Pacific region gives Pacnet unparalleled reach to major business centers in key markets including China, India, Japan and the United States. Combined with a comprehensive set of managed network and value-added data center services, its assets and experience in the region have helped Pacnet service large businesses worldwide including Fortune 500 companies. Pacnet is headquartered in Hong Kong and Singapore, with offices in all key markets in the Asia-Pacific region and North America. For more information, please visit: www.pacnet.com.
(1) China Colocation 2013 report by DCD Intelligence, April 2013
(2) China Big Data Technology and Services Market 2013-2017 Forecast and Analysis by IDC, March 2014
(3) China Securities Journal, May 2014
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