ICON advises VIPA on its acquisition by JLL
03.11.2026
Tech M&A adviser ICON has advised specialist data centre consultancy VIPA Digital (VIPA) on its acquisition by global commercial real estate services and investment management company JLL.
Founded in 2018 by industry stalwarts Vijay Mistry and Paul Cranfield, VIPA has built its reputation serving investors, developers, and operators globally in delivering 168 data centre projects across 31 countries.
The team’s deep technical and commercial data centre expertise is built from leading firms including Digital Realty, Morgan Stanley, UBS and Dell. As a result, VIPA is uniquely positioned to support its clients navigate the huge AI-led surge in demand for data centres. Clients include industry heavyweights Ares, CyrusOne, Blackstone, Equinix and BlackRock.
JLL already has data centre capabilities, focused on capital markets and project development services. The acquisition of London-headquartered VIPA establishes JLL as a premier specialist data centre advisor, adding immediate, proven technical expertise at a time of acute need. It positions JLL to compete in a mission-critical, high-growth sector where global capacity demand is set to grow 3.5x from 2025-2030, with 2,267 new data centres expected in operation over the next five years.
JLL’s latest research projects data centre infrastructure spending will reach $6.7 trillion through 2030, driven by AI and cloud expansion, with consulting services demand growing at 13% CAGR. In this supply-constrained market, VIPA brings scarce, mission-critical talent precisely when the industry needs it most.
“A big thank you to Brian and Will at ICON who did a great job in managing our exit process from start to finish. They introduced us to a wide range of global buyers and we are delighted with the outcome, JLL is a very good fit. It’s a long and complex process and we certainly couldn’t have navigated it without them. Thanks again.”
Vijay Mistry
Co-founder, VIPA
“VIPA has a big global reputation, having worked in over 30 countries for some of the largest data centre owners, operators and investors. So, we very much ran a global exit process, looking not only to boost competitive tension to drive attractive deal terms, but also to find the right home where VIPA can continue to flourish. US listed JLL has great synergies with VIPA and they really valued its deep sector expertise. It looks a good fit and it means that 7 of ICON’s last 10 exits have now been cross-border.”
“AI-led data centre investment is exploding and provided VIPA with strong tail winds. However, timing your exit is never easy and it is tricky to juggle managing a fast-growing business and deal with the rigours of running an exit process with a large corporate buyer at the same time. Vijay and Paul did a great job. I am sure they will be a huge success within JLL.”
