Ecolab has agreed to acquire Calgary-based liquid cooling firm CoolIT Systems for approximately USD $4.75 billion, marking one of the city’s largest recent tech exits. Founded in Calgary, CoolIT has become a key enabler of AI infrastructure, supplying liquid cooling systems for high-density data centres powered by chips from Nvidia and AMD.
The company was previously acquired by private equity firm KKR in 2023 for roughly USD $270 million. The deal underscores the rapid rise of liquid cooling as AI workloads strain traditional infrastructure, while highlighting Calgary’s growing role in the global data centre supply chain.
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