Featured in The Wall Street Transcript’s Best CEO Interviews of 2015
Tom Ray, President and CEO of CoreSite Realty Corp (NYSE:COR), interviewed with TWST for the Data Hosting and Data Storage report. Since the interview was published, COR‘s stock price has increased approximately 21% from $47 to currently $57.
In this interview, Ray discussed part of CoreSite‘s strategy. He said the key changes in the marketplace were the acceleration of the cloud and outsourcing, both of which have been driving his business:
On the cloud side, there are two angles that have changed our business and continue to change our business. One, we’ve introduced new services that support the cloud. We have an Ethernet exchange, the CoreSite Open Cloud Exchange, that facilitates networks, enterprises and cloud providers connecting together. So we have brought new products to market to support the cloud. And obviously, the cloud companies are a larger component of our revenue and of our sales, driven by the growth in that industry.
Secondly, outsourcing has accelerated, and that outsourcing continues to take place along two dynamics. One of those occurs as enterprises go from an on-premises data center to putting IT equipment in a third-party, outsourced data center, such as CoreSite’s. The other outsourcing dynamic takes the form of the enterprise that used to own all of its own IT gear, but now outsources some pieces of that to a variety of different cloud providers, software-as-a-service and other IT service providers. So you see the old enterprise IT stack getting reconstituted in very different ways, and our business adjusts to serve those new incarnations of the old enterprise.
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