# Vertiv

Vertiv is an American multinational provider of critical infrastructure and services for data centers, communication networks, and commercial and industrial environments.
Headquartered in Westerville, Ohio, Vertiv has ~31,000 employees worldwide, operating in more than 40 countries and with 23 manufacturing and assembly facilities.
The company has regional headquarters in: Bologna, Italy; Miami, Florida; Pasig, Manila, Philippines; Nanshan District, Shenzhen, China; and Mumbai, India.

## History
### 1946–1965: Capitol Refrigeration Industries

Vertiv began as Capitol Refrigeration Industries, established in 1946 by Ralph Liebert (1918-1984) in Columbus, Ohio. Liebert developed the first prototype precision air conditioner in his garage. In early 1965, the prototype was introduced to IBM in Chicago. Recognising the machine's potential, IBM arranged for Liebert to debut his invention at the World Computer Conference in Philadelphia.

### 1965–2000: Liebert Corporation

Liebert Corporation was formed in 1965 with just five associates to pursue this fast growing market as the industry's first manufacturer of computer room air conditioning (CRAC) systems. Two years later, in 1967, Liebert made its first international move by setting up a Canadian distributor network. In 1968, the company moved into a new facility in Worthington, Ohio. As its business continued to grow, the company broke ground once again and moved into a 150,000 square foot facility in Columbus, Ohio. In 1977, Liebert launched Conditioned Power Corporation to design and manufacture power distribution, conditioning and monitoring systems for the data processing industry.
Expansion continued as Liebert broke ground for a second major manufacturing facility in Delaware, Ohio, in 1980. Ralph Liebert's son, Larry Liebert, took over the company as president in 1980 and served in this position until 1989. In 1981, Liebert became a public company, listed on the NASDAQ under the symbol LIEB. In 1983, Liebert acquired Franklin Electric subsidiary, Programmed Power Corporation, expanding the company's power division capabilities to include the design and manufacture of uninterruptible power supplies (UPS). That same year, Liebert opened its first overseas production facility in Cork, Ireland. Liebert Corporation was acquired by Emerson Electric in March 1987, remaining a wholly owned subsidiary of Emerson.

### 2000–2016: Emerson Network Power

In 2000, Emerson formed its Network Power (ENP) business unit, consolidating critical infrastructure technologies under a single brand. In 2001, the company increased its presence in Asia with the purchase of Avansys and formation of ENP India. ENP expanded its telecom industry solutions with the 2004 acquisition of Marconi outside plant and power system. In 2006, ENP acquired Germany-based Knürr, a provider of enclosure systems. In 2007, the Energy Logic energy efficiency model was developed and released. Avocent and Chloride Group were acquired in 2009 and 2010 respectively.

### 2016–present: Vertiv

In December 2016, Platinum Equity acquired the ENP business from Emerson Electric in a transaction valued in excess of $4 billion. The company was rebranded as Vertiv, and Emerson retained a subordinated equity stake. Vertiv launched as a stand-alone business and appointed Rob Johnson as chief executive officer.
In 2017, Vertiv sold its ASCO power switch business to Schneider Electric for $1.25 billion. The company made three acquisitions in 2018: Energy Labs, Geist and MEMS. Through a merger with a Goldman Sachs-led special purpose acquisition company, GS Acquisition Holdings, Vertiv became publicly traded on the New York Stock Exchange (NYSE: VRT) on February 10, 2020. In 2021, Vertiv acquired E+I Engineering, a global provider of switchgear, busway and modular power solutions, for $1.8 billion. In December 2023, Vertiv acquired CoolTera Ltd, a provider of coolant distribution infrastructure for data center liquid cooling technology, strengthening its thermal management portfolio for high density compute cooling requirements. Most recently, certain assets and centrifugal chiller technology from BiXin Energy, a manufacturer of chillers, heat pumps, heat-recovery solutions, and air-handling units, were acquired in December 2024.
In 2023, Vertiv's share price increased 252%, outperforming all companies in the S&P 500 index. The company's market capitalization was valued at over $44 billion as of January 2025.

## Acquisitions

Vertiv :
| Date | Company acquired | Country | Business |
| December 2024 | BiXin Energy | China | Centrifugal Chiller Technology |
| December 2023 | CoolTera Ltd | UK | Liquid Cooling Infrastructure Solutions |
| November 2021 | E+I Engineering | Ireland | Electrical Switchgear & Power Distribution Systems |
| December 2018 | MEMS Power Generation | UK | Temporary Power Solutions |
| February 2018 | Geist | USA | Rack Power Distribution Units (PDUs) |
| January 2018 | Energy Labs | USA | Air Handling Systems |
Emerson Network Power :
| Date | Company acquired | Country | Business |
| 2013 | Advanced Protection Technology | USA | Surge Protection |
| 2012 | Avtron Loadbank | USA | Load Banks & Testing Systems |
| 2010 | Chloride Group | UK | Industrial Power |
| 2009 | Avocent | USA | IT Management |
| 2008 | Aperture | USA | Data Center Infrastructure Management |
| 2007 | Stratos | USA | Radio Frequency & Optical Subsystems |
| 2007 | Motorola Embedded Computing | USA | Enclosure Systems |
| 2006 | Knürr AG | Germany | Enclosure Systems |
| 2006 | Artesyn | USA | Embedded Power Conversion Technologies |
| 2005 | Cooligy | USA | Active Cooling Technology |
| 2005 | Chloride Telecom Systems | France | Telecom Power Systems |
| 2004 | Midwest Microwave | USA | Microwave Connectors & Components |
| 2004 | Marconi | USA | Outside Plant & Power Systems |
| 2004 | Albér | USA | Battery Monitoring |
| 2001 | Avansys | China | Power Conversion |
| 2000 | Jordan | USA | Telecommunications Equipment |
| 2000 | Ericsson Energy Systems | Sweden | Telecom Power Supplies & Systems |
Liebert Corporation :
| Date | Company acquired | Country | Business |
| 1998 | Nortel APS | Canada | Power Supply Systems |
| 1998 | Hiross | Italy | Precision Environmental Control & Monitoring |
| 1998 | Firetrol | USA | Electric & Diesel Fire Pump Controllers |
| 1997 | Edco | USA | Low-Voltage Surge Protection Devices |
| 1996 | HVM | USA | High Voltage Maintenance Services |
| 1995 | eti/ERS | USA | Electrical Engineering & Testing |
| 1990 | Control Concepts | USA | Transient Voltage Surge Suppression (TVSS) |
| 1988 | ASTEC Power | USA | AC-DC & DC-DC Power Supplies |
| 1983 | Programmed Power Corporation | USA | Uninterruptible Power Supply (UPS) |

## Current work

Vertiv's primary customers are businesses across three main end markets: data centers, communication networks and commercial & industrial environments. Vertiv's major customers include Alibaba, America Movil, AT&T, China Mobile, Equinix, Ericsson, Siemens, Telefonica, Tencent, Verizon and Vodafone. Its principal offerings include:
* Critical infrastructure & solutions: AC and DC power management, thermal management, and integrated modular solutions.
* Integrated rack solutions: racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, hardware and software for managing IT equipment.
* Services & spares: preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and critical digital infrastructure software. Vertiv has over 300 service centers and employs more than 4,000 service field engineers globally.
In 2024, the company received 56% of its revenue in the Americas; 22% from Asia–Pacific; and 22% from Europe, the Middle East and Africa.

### Manufacturing facilities

Vertiv has manufacturing facilities located in Delaware, Ironton, Lincoln, Anderson, Pelzer, Tijuana, Mexicali, Monterrey, Reynosa, Letterkenny, Burnfoot, Campsie, Bologna, Tognana, Volyne, Rugvica, Nové Mesto nad Váhom, Ras Al Khaimah, Ambernath, Chakan, Pune, Mianyang and Jiangmen.

### Research and development

Vertiv invests approximately 5% of sales into research and development. In 2024, Vertiv spent $352.1 million on research and development. Vertiv has approximately 3,000 registered patents and 1,800 registered trademarks.

### Partnerships

In April 2021, Vertiv was announced as Founding Partner and Official Data Center Equipment Provider of Columbus Crew.
In May 2023, Vertiv was selected by Nvidia after securing a $5m grant from ARPA-E's COOLERCHIPS program. Their joint objective over the next three years is to address the challenge of cooling high-density compute by integrating direct liquid cooling and immersion cooling into a single system. Vertiv was selected for its expertise in heat rejection technology.
In December 2023, Vertiv announced its collaboration with Intel to provide pumped two-phase (P2P) liquid cooling infrastructure for the Gaudi3 AI accelerator.
In March 2024, Vertiv joined the Nvidia Partner Network (NPN) as a Solution Advisor: Consultant partner.

### Competitors

Vertiv's competitors include Schneider Electric, Eaton, Legrand and Huawei.

## Brands

Vertiv produces AC and DC power management products, switchgear and busbar products, thermal management products, integrated rack systems, and modular and management systems for monitoring and controlling digital infrastructure.
Vertiv's brands include:
* Albér (Battery Monitoring)
* Avocent (IT Management)
* E+I Engineering Group (Electrical Switchgear, Modular Power, Energy Management)
* Energy Labs (Commercial and Industrial Thermal)
* Geist (Rack PDU)
* Liebert (AC Power and Thermal)
* Netsure (DC Power)
* PowerBar (Busbar Trunking)

## Corporate affairs
### Leadership
#### Senior management

Giordano Albertazzi became Vertiv's Chief Executive Officer on January 1, 2023, following the departure of former CEO Rob Johnson. On July 1, 2023, Anand Sanghi was appointed President of the Americas region.
As of January 30, 2025, the management of Vertiv includes:
* Giordano Albertazzi (Chief Executive Officer)
* David Fallon (Chief Financial Officer)
* Stephen Liang (Chief Technology Officer & Executive Vice President)
* Scott Armul (Executive Vice President, Global Portfolio & Business Units)
* Anders Karlborg (Executive Vice President, Manufacturing, Logistics & Operational Excellence)
* Paul Ryan (Chief Procurement Officer)
* Frank Poncheri (Chief Human Resources Officer)
* Stephanie Gill (Chief Legal Counsel)
* Sheryl Haislet (Chief Information Officer)
* Anand Sanghi (President, Americas)
* Karsten Winther (President, Europe, Middle East & Africa)
* Yibin "Edward" Cui (President, Greater China)
* Rachel Thompson (Vice President, Corporate Strategy & Planning)
* Philip O’Doherty (Managing Director, E+I Engineering)

#### Board of directors

As of December 30, 2024, the board of directors of Vertiv includes:
* David M. Cote (Executive Chairman)
* Giordano Albertazzi (CEO)
* Joseph DeAngelo
* Joseph van Dokkum
* Roger Fradin
* Jakki Haussler
* Jacob Kotzubei
* Matthew Louie
* Edward Monser
* Steven Reinemund
* Robin Washington

#### Previous CEOs

* Rob Johnson (2016–2022)

### Ownership

As of December 30, 2024, the largest institutional shareholders of Vertiv were:
* The Vanguard Group (36,356,089 shares, 9.69%)
* BlackRock (34,054,250 shares, 9.07%)
* JP Morgan Chase & Company (13,049,245 shares, 3.48%)
* Fidelity Investments (11,544,591 shares, 3.08%)
* Bank of America Corporation (9,002,806 shares, 2.40%)
* State Street Corporation (7,832,984 shares, 2.09%)
* Jennison Associates LLC (7,754,347 shares, 2.07%)
* Invesco (7,115,819 shares, 1.90%)
* Coatue Management (6,375,917 shares, 1.70%)
* Geode Capital Management (6,050,965 shares, 1.61%)

### Finances

Vertiv's financial performance is reported to shareholders on an annual basis and a matter of public record.
| Year | Revenue in mil. US$ | Growth rate | Net income in mil. US$ | Total assets in mil. US$ | Price per share in US$ | Employees |
| 2018 | 4,286 | — | (314) | 4,794 | — | — |
| 2019 | 4,431 | 3.38% | (141) | 4,657 | — | 19,800 |
| 2020 | 4,371 | (1.35)% | (327) | 5,071 | 14.18 | 20,972 |
| 2021 | 4,998 | 14.34% | 120 | 6,940 | 23.92 | 24,000 |
| 2022 | 5,692 | 13.89% | 77 | 7,096 | 13.38 | 27,000 |
| 2023 | 6,863 | 20.57% | 460 | 7,999 | 26.92 | 27,000 |