Global IT and colo firm PhoenixNAP is working with Goldman Sachs on a sale process, said sources familiar with the matter.

The auction is expected to launch at some point in 1Q25.

The sale will be for complete control of the company.

The Phoenix, Arizona-headquartered company controls several colocation facilities in some US markets; Amsterdam, Netherlands; Belgrade, Serbia; and Singapore. It also controls a point-of-presence network in Sao Paulo, Brazil, and in Sydney, Australia, according to its website.

PhoenixNAP was founded by CEO Ron Cadwell and President Ian McClarty.

It was not clear if the company had third-party equity backing.

Among its offerings, the company provides cybersecurity, cloud, bare metal, infrastructure-as-a-service and other IT services.

In line with many of its peers, PhoenixNAP experienced a 20% increase in revenue from its colocation services in the first three quarters of 2020, largely thanks to pandemic-era government mandated work-from-home policies, executives said at the time.

A year later, executives announced plans to build a data center campus in Phoenix that neighbored its flagship facility. The 200,000-square-foot data center was supposed to feature Amazon Web Services and Google Cloud interconnections.

They also expanded the company’s bare metal cloud to facilities in Chicago that year.

PhoenixNAP and Goldman did not respond to requests for comment.