Equinix Business Model Canvas
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Unlock the full strategic blueprint behind Equinix’s business model in a concise Business Model Canvas that maps customer segments, value propositions, channels, key partners and revenue streams. This snapshot shows how Equinix scales interconnection and colocation to capture high-margin enterprise demand. Download the complete Word & Excel canvas for actionable insights and competitive benchmarking.
Partnerships
Strategic hyperscale cloud alliances give Platform Equinix direct, low‑latency on‑ramps inside 240+ global IBX data centers across 63 metros, supporting hybrid and multicloud deployments as hyperscalers held about 66% of the global cloud market in 2024. Joint go‑to‑market and technical integrations raise customer stickiness and upsell potential. Co‑location near cloud zones cuts network egress and boosts application performance. These partnerships anchor enterprise cloud architectures on Platform Equinix.
Carriers, ISPs and subsea cable operators extend Equinix reach and route diversity—by 2024 Equinix operated 240+ data centers across 70+ metros, hosting thousands of network providers and serving 10,000+ customers. Dense carrier-neutral ecosystems create a virtuous interconnection network effect that attracts more participants. Joint peering and cross-connect programs (managed at metro scale) simplify customer connectivity and enable resilient, multi-path options for uptime and latency SLAs.
Global systems integrators and MSPs design, migrate, and operate customer workloads and increasingly bundle Equinix services into broader transformation projects; Equinix operates 240+ data centers across 70+ metros (2024) enabling local reach. Co-selling with SIs and MSPs expands market coverage and shortens sales cycles, accelerating time-to-revenue. Integration services enhance customer outcomes and are correlated with lower churn and stronger recurring revenue performance.
Hardware & technology vendors
Server, network, storage and security vendors deliver validated architectures and reference designs that accelerate deployments and lock in performance SLAs; joint vendor labs and certifications cut integration time and deployment risk, supporting Equinix’s global footprint of 250+ data centers across 70+ metros (2024); vendor marketplaces further streamline procurement and MEA time-to-service.
- validated-architectures
- reference-designs
- joint-labs-certifications
- vendor-marketplaces
Real estate, power & sustainability partners
Developers, utilities and renewable providers enable Equinix capacity expansion and energy sourcing, with 2024 markets still leaning on large-scale PPAs to stabilize supply and costs. Power purchase agreements improve cost predictability and support sustainability targets, while local regulators and municipalities accelerate permitting and incentives. Energy-efficiency partners target lower PUE and measurable carbon reductions.
- Developers: site delivery
- Utilities: grid & incentives
- Renewables: PPAs for price stability (2024 market focus)
- Regulators: permitting & tax incentives
- Efficiency partners: PUE & emissions cuts
Strategic hyperscaler, carrier, SI/MSP, vendor and energy partnerships anchor Equinix’s interconnection platform, enabling hybrid multicloud across 240+ IBX data centers in 63 metros (2024) and capturing hyperscalers’ ~66% cloud share. Dense carrier ecosystem (10,000+ customers, thousands of networks) and SI/MSP co-sell shorten sales cycles and raise retention. PPAs and utilities stabilize power costs and reduce PUE/carbon.
| Partner | 2024 metric |
|---|---|
| Hyperscalers | 66% cloud share; on‑ramps in 240+ IBXs |
| Carriers/ISPs | 10,000+ customers; thousands networks |
| Energy/Developers | PPAs common; PUE & emissions targets |
What is included in the product
A concise Business Model Canvas for Equinix detailing its global data center platform: customer segments, channels, and value propositions focused on interconnection, digital infrastructure and hybrid multicloud; includes revenue streams, key partners, cost structure and competitive advantages to support strategic planning and investor discussions.
Condenses Equinix’s complex interconnection, data center and partner ecosystem into a one-page, editable Business Model Canvas to relieve strategic alignment and decision-making pain points; perfect for fast stakeholder briefings and collaborative scenario planning.
Activities
Equinix's data center development spans site acquisition, design, construction and commissioning to expand a global footprint of 241 data centers across 72 metros in 5 continents (2024). 24/7 operations enforce uptime, security and regulatory compliance through staffed NOCs and standardized controls. Continuous capacity planning and demand forecasting align buildouts with customer growth and interconnection trends. Ongoing modernization programs drive efficiency and resiliency via targeted upgrades and automation.
Provisioning cross-connects, internet exchanges and Equinix Fabric is core, with 240+ IBX data centers across 70+ metros and >225,000 cross-connects (2024). Low-latency fabric links ecosystems across metros and regions, serving 10,000+ customers. API-driven orchestration enables seconds-scale provisioning, while monitoring supports 99.99% network SLA adherence.
Physical, network and operational controls across Equinixs 240+ IBX data centers in 70+ metros protect customer assets, backed by ISO and SOC certifications and annual audits covering the portfolio. 24/7 incident response and business continuity playbooks limit downtime and exposure. Ongoing tooling and training for 10,000+ staff sustain risk posture and regulatory compliance.
Customer solutioning & onboarding
Solution architects map workloads to optimal Equinix topologies, leveraging 246 IBX data centers across 74 metros and 11,000+ customers (2024) to place latency-sensitive services near users. Migration runbooks de-risk cutovers and minimize downtime, with portal-driven workflows accelerating provisioning and reducing lead times. Success planning drives adoption of additional services and cross-sell revenue per customer.
- workload-to-topology mapping
- migration runbooks to reduce downtime
- portal-driven provisioning
- success plans for service adoption
Ecosystem cultivation & partnerships
- network-effects
- joint-marketing
- technical-integrations
- feedback-driven-roadmap
Equinix develops and operates 241 IBX data centers across 72 metros (2024), running 24/7 NOCs, ISO/SOC controls and 99.99% network SLAs. It provisions >225,000 cross-connects and Equinix Fabric for low‑latency interconnection, serving 10,000+ customers. Solution architects, migration runbooks and portal orchestration accelerate provisioning and upsell while partner ecosystems drive network effects.
| Metric | Value (2024) |
|---|---|
| IBX data centers | 241 |
| Metros | 72 |
| Customers | 10,000+ |
| Cross-connects | >225,000 |
| Network SLA | 99.99% |
What You See Is What You Get
Business Model Canvas
The Equinix Business Model Canvas you’re previewing is the actual deliverable, not a mockup; it reflects the exact content and layout you’ll receive after purchase. On completion you’ll get the full, editable file—ready-to-use for presentation, analysis, or editing in Word and Excel. No placeholders, no surprises.
Resources
Equinix operates 250+ carrier-neutral IBX data centers in 70+ metros across five continents, placing assets close to users, clouds and networks. This geographic diversity underpins disaster recovery and regulatory compliance. High-spec facilities offer consistent performance and security, while expansion-ready campuses enable scalable growth.
Software-defined fabrics and self-service portals in Platform Equinix orchestrate connectivity at scale across more than 240 data centers in 70+ metros, enabling thousands of customers to provision links instantly. Robust APIs automate deployments and integrate partner ecosystems; telemetry and analytics drive utilization, performance and capacity planning. These capabilities amplify network effects, forming a defensible moat for Equinix.
High-availability power systems and renewable sourcing underpin Equinix reliability across 240+ IBX data centers, with the company reporting 100% renewable electricity coverage in its global portfolio by 2024. Long-term energy contracts and PPAs stabilize energy costs and lock in emissions reductions. Efficiency technologies drive lower PUE and reduced operating expenses. Corporate sustainability programs improve customer ESG reporting and outcomes.
Brand, trust & certifications
Reputation for neutrality, 99.999% uptime SLAs and enterprise-grade security drive adoption across 240+ data centers in 70+ metros worldwide (2024).
More than 200 global certifications (ISO, SOC, PCI) simplify customer compliance; long-tenured relationships reduce switching risk and stabilize ARR.
Thought leadership positions Equinix as the digital core for multi-cloud and interconnection strategies.
- Reputation: neutrality, 99.999% uptime
- Scale: 240+ data centers, 70+ metros (2024)
- Compliance: 200+ certifications
- Retention: long-tenured customers
People & partner network
Engineering, operations, and customer success at Equinix sustain service quality across 240+ data centers in 70+ metros, supporting over 10,000 customers as of 2024.
Partner ecosystems (cloud, network, systems integrators) extend reach and capability, while sales and solution architects translate customer needs into interconnection architectures.
Governance and finance teams drive disciplined growth and capital allocation to support continued expansion and recurring revenue models.
- People: ~12,000 employees (2024)
- Footprint: 240+ IBXs in 70+ metros (2024)
- Customers: 10,000+ (2024)
- Partners: global cloud, network, SI ecosystems
Equinix's key resources: 240+ carrier-neutral IBX data centers in 70+ metros and ~12,000 employees supporting 10,000+ customers (2024). Platform Equinix software and APIs span 240+ IBXs, enabling instant interconnection and strong network effects. Operational assets include high-availability power, 100% renewable electricity (2024), 200+ certifications and 99.999% uptime SLAs.
Value Propositions
Direct, software-defined connections on Platform Equinix reduce network hops and jitter, delivering predictable latency for mission-critical workloads. Carrier- and cloud-neutrality across 240+ data centers in 70+ metros with 10,000+ customers and 1,800+ network providers maximizes choice and prevents vendor lock-in. Dense ecosystems amplify network effects, improving throughput and resilience as partners scale.
Presence in 240+ IBX data centers across 70+ metros and 5 continents brings customers close to users and major clouds, serving 10,000+ customers. Regional deployment options meet data residency and regulatory needs in key markets. Standardized IBX designs ensure consistent performance worldwide. Multi-metro footprints enable resilient, geo-diverse architectures while Equinix reported about $8.1B revenue in FY2024.
Modular capacity scales from single racks to cages and suites, enabling quick expansions across Equinix’s 240+ data centers in 70+ metros. Enterprise-grade physical and logical security protects assets for 10,000+ customers with industry certifications and 99.999% uptime SLAs. Redundant power and cooling architectures support continuous operations, and 24/7 remote-hands services reduce onsite operational burden.
Hybrid multicloud enablement
On-ramps to leading clouds simplify multi-provider strategies; Gartner expects 85% of enterprises to use hybrid multicloud by 2025. Equinix's 240+ data centers in 70+ metros (2024) and Fabric private links cut latency and costs, while a consistent fabric and inter‑metro links enable workload mobility and distributed edge patterns.
- On-ramps to clouds
- Private connectivity: lower latency/cost
- Consistent fabric for mobility
- Inter-metro links for edge
Ecosystem-driven time-to-value
Equinix's ecosystem—over 240 data centers across 70+ metros and 10,000+ customers—shortens time-to-value by colocating partners, data, and networks to accelerate integration. Marketplaces and catalogs streamline procurement while pre-validated solutions and blueprints cut implementation risk and deployment time. Community effects drive innovation and co-selling through thousands of partner integrations and cross-connects.
- Proximity: over 240 DCs, 70+ metros
- Customers: 10,000+ on Platform Equinix
- Procurement: marketplace + catalogs
- Risk: pre-validated solutions
- Network effects: thousands of partner integrations
Platform Equinix delivers software-defined, low-latency connections across 240+ data centers in 70+ metros, optimizing mission-critical workloads. Carrier- and cloud-neutrality with 10,000+ customers and 1,800+ network providers prevents lock-in and drives network effects. Modular capacity, 99.999% SLAs and FY2024 revenue $8.1B support scalable, resilient multi-cloud and edge deployments.
| Metric | Value |
|---|---|
| Data centers | 240+ |
| Metros | 70+ |
| Customers | 10,000+ |
| Network providers | 1,800+ |
| FY2024 revenue | $8.1B |
| SLA | 99.999% |
Customer Relationships
Named account teams manage enterprise relationships and growth across Equinix’s 240+ IBX data centers serving over 10,000 customers, driving tailored solutions and upsell. Quarterly reviews align capacity, performance and roadmap to demand and utilization metrics. Executive engagement supports multi-region strategic initiatives. Clear escalation paths and SLA-driven workflows ensure rapid resolution.
Tiered support delivers 24/7 assistance and rapid escalation across Equinixs 240+ data centers in 70+ metros (2024), ensuring global coverage. Clear SLAs codify uptime and response obligations to underpin reliability and accountability. Proactive monitoring and alerts leverage telemetry to reduce downtime risk. Service credits provide tangible enforcement of performance commitments.
Solution architecture and co-innovation use targeted workshops to translate business outcomes into deployable designs, joint labs to validate architectures and integrations, and reference patterns to accelerate repeatable deployments; continuous improvement plans expand use cases over time—leveraging Equinix’s 240+ IBX data centers across 70+ metros and Equinix Fabric’s 1,800+ network on-ramps (2024).
Self-service portals & APIs
Customers provision connectivity and services on demand via Equinix self-service portals and APIs, leveraging 253 IBX data centers across 70+ metros in 2024 to scale rapidly. Usage visibility and analytics drive optimization and reduce idle capacity. API-first workflows integrate with ITSM and automation tools to shorten lead times from days to minutes. Documentation and sandbox environments accelerate developer adoption and testing.
- On-demand provisioning
- 253 IBX data centers (2024)
- API-first ITSM integration
- Analytics-driven optimization
- Sandboxes for fast adoption
Community & ecosystem programs
Equinix community and ecosystem programs run industry events and meetups that foster peer connections across 65 metros and 240+ global data centers, linking 10,000+ customers and 1,800+ networks. Partner directories and marketplaces accelerate discovery and onboarding across the platform, while case studies highlight measurable best practices and ROI. Advisory councils of customers and partners shape product direction and roadmap priorities.
- events:peer-connections
- marketplaces:partner-discovery
- case-studies:ROI-evidence
- advisory-councils:product-influence
Named account teams and executive engagement drive enterprise growth across 253 IBX data centers (2024), serving 10,000+ customers with tiered 24/7 support and SLA-backed resolution. Self-service portals, APIs and sandboxes enable rapid provisioning and automation; analytics optimize utilization. Community events, marketplaces and advisory councils accelerate partner discovery and roadmap influence.
| Metric | 2024 |
|---|---|
| IBX data centers | 253 |
| Metros | 70+ |
| Customers | 10,000+ |
| Network on-ramps | 1,800+ |
Channels
Field sales and specialists engage strategic accounts, driving tailored deployments for Equinix’s over 10,000 customers across 70+ metros worldwide. Consultative selling maps colocation, interconnection and hybrid cloud solutions to measurable business outcomes. Global coverage enables coordinated multinational rollouts with local execution. Account-based marketing complements outreach by targeting high-value enterprise segments.
SIs, MSPs and VARs package Equinix connectivity and colocation into broader IT and cloud solutions, enabling bundled go-to-market offers. Co-selling with partners expands reach into new segments and geographies across Equinixs 240+ IBX data centers. Incentives, training and enablement programs drive partner productivity and sales velocity. White-label options support embedded delivery within partner-branded services.
Digital portal and marketplace enable discovery, pricing and provisioning of Equinix services across 70+ metros and 240+ data centers, driving self-service that reduces friction and speeds time-to-value. Usage-based services like Equinix Metal are easily trialed and scaled, while integrated billing consolidates procurement and invoicing for 10,000+ customers.
Alliances with cloud & network providers
Joint solutions and listings appear in partner catalogs (AWS/Azure/Google marketplaces), expanding reach from Equinixs 240+ data centers across 70+ metros in 2024. Co-marketing with cloud and network partners drives higher-quality, trackable demand. Deep technical integrations (direct interconnects, APIs) accelerate adoption. Shared customer success motions reduce churn and boost lifetime value.
- Catalog presence: faster discovery
- Co-marketing: qualified pipeline growth
- Integrations: faster time-to-value
- Joint CS: improved retention
Industry events & thought leadership
Conferences, webinars and reports build credibility and drove lead nurture as the global data‑center colocation market reached about USD 67.1 billion in 2024, increasing demand for neutral interconnection. Demos and reference architectures attract technical buyers by reducing integration risk and shortening sales cycles. Speaking engagements showcase Equinix innovations and case studies, while content syndication expands reach across digital audiences.
- Conferences: credibility & networking
- Webinars/reports: demand gen, 2024 market USD 67.1B
- Demos/refs: technical buy-in
- Speaking: highlight case studies
- Content syndication: scale digital reach
Field sales, partners (SIs/MSPs/VARs) and digital channels drive Equinix reach to 10,000+ customers across 240+ IBX data centers in 70+ metros, enabling consultative colocation, interconnection and hybrid cloud offers. Marketplaces, APIs and co-selling with cloud providers accelerate trials and multinational rollouts. Events, content and partner programs fuel demand in a global colocation market of about USD 67.1B in 2024.
| Metric | 2024 Value |
|---|---|
| Customers | 10,000+ |
| IBX data centers | 240+ |
| Metros | 70+ |
| Market size | USD 67.1B |
Customer Segments
Large enterprises and multinationals pursuing hybrid multicloud and global expansion rely on Equinix for secure, compliant interconnection and predictable performance. As of 2024 Equinix serves 10,000+ customers across 70+ metros and 5 continents, enabling multi-metro, multi-region footprints. They prioritize SLA-backed reliability, governance controls and consistent low-latency connectivity for distributed workloads.
Cloud and SaaS providers place platforms close to users and data to cut latency and meet compliance, relying on dense peering and direct cloud adjacency. They demand scalable, cost‑efficient interconnects and virtual cross connects to optimize egress and performance. Equinix’s 240+ data centers in 70+ metros and 11,000+ customers (2024) deliver ecosystem access for partnerships and marketplace reach.
Carriers and ISPs use Equinix’s 240+ IBX data centers and 1,800+ network providers (2024) to extend reach and capacity, deploy PoPs for route diversity, and join carrier-neutral exchanges to optimize traffic paths; co-location in Equinix metros cuts latency and boosts resilience, supporting multi-homed architectures and faster failover for large-scale networks.
Digital media, gaming & content
Digital media, gaming and content platforms require edge proximity to hit sub-50 ms experiences; Equinix's global footprint (240+ data centers across 70+ metros in 2024) places compute near users to cut latency and packet loss via private interconnection.
Bursty demand (launches, live events) leverages elastic capacity and Equinix Fabric for on-demand peering, supporting rapid audience growth worldwide.
- Latency: sub-50 ms edge placement
- Footprint: 240+ DCs, 70+ metros (2024)
- Interconnection: private peering reduces packet loss
- Elasticity: handles burst traffic for global audiences
Financial services & trading
Financial services and trading customers demand low-latency (sub-millisecond for HFT in 2024) and five-nines class availability, driving colocations near exchanges and liquidity venues. Proximity to counterparties reduces execution slippage; stringent security and regulatory compliance (SOC 2, PCI, GLBA mapping) are mandatory. Dual-site disaster recovery and active-passive or active-active designs are standard.
- Latency: sub-ms targets (HFT, 2024)
- Availability: 99.999% SLA
- Compliance: SOC 2/PCI/GLBA
- DR: dual-site active-active/passive
Enterprises, cloud/SaaS, carriers, media and financial firms rely on Equinix for low-latency interconnection, compliance and multi‑metro footprints: 240+ IBX, 70+ metros, 11,000+ customers, 1,800+ networks (2024). Needs: SLA-backed reliability (99.999% for finance), sub-ms HFT, sub-50 ms edge, elastic Fabric for burst events.
| Segment | Key need | 2024 metric |
|---|---|---|
| Enterprises | Global footprint | 240+ IBX, 11,000+ customers |
| Cloud/SaaS | Adjacency/peering | 70+ metros |
| Networks | PoPs/diversity | 1,800+ networks |
Cost Structure
Land acquisition, construction, and fit-outs dominate Equinix facility costs, with the company operating 243 data centers worldwide in 2024 and investing about $3.6 billion in capital expenditures that year. Modular expansions and colo shells let Equinix align incremental spend with demand, reducing upfront outlays and improving ROI. Regular upgrades preserve competitiveness and efficiency, while annual depreciation materially shapes EBITDA and long-term cash flow profiles.
Electricity is a major operating expense for data centers, often representing roughly 30–40% of site-level OPEX (industry estimates); long-term PPAs and on-site renewables stabilize pricing and advance ESG targets. Efficiency measures that lower PUE (industry median ~1.5 in 2024) directly cut energy spend, while power-quality investments (UPS, redundancy) protect uptime and avoid costly outages that industry analyses value at thousands of dollars per minute.
24/7 staffing, continuous monitoring and preventative maintenance underpin reliability at Equinix, which in 2024 operated over 250 data centers across 70+ metros. Onsite spares, repairs and lifecycle programs sustain availability while physical and cyber security programs (multi-layer access controls, SOC teams) mitigate risk. Vendor support contracts and SLAs enable rapid remediation; industry outage costs (~9,000 per minute) justify these investments.
Sales, marketing & partner programs
Equinix directs go-to-market investments to accelerate pipeline and revenue growth, leveraging a global footprint of 240+ data centers and 10,000+ customers to scale sales efficiency. Partner incentives and enablement expand coverage via 1,900+ network and cloud partners, while dedicated customer success teams lower churn and increase ARR retention. Thought leadership and events strengthen brand equity in key markets.
- Go-to-market: footprint 240+ DCs, 10,000+ customers
- Partners: 1,900+ network/cloud partners
- Customer success: reduces churn, increases ARR retention
- Thought leadership: builds market trust and sales lift
Compliance, insurance & overhead
Equinix’s compliance, insurance and overheads drive steady operating spend: ongoing certifications and audits (SOC/ISO) plus insurance for property, liability and cyber are material line items. IT systems, G&A and governance scale with global footprints and contributed to Equinix’s FY2024 revenue base of about $8.6B. Taxes and fees vary widely by jurisdiction and add localized operating cost volatility.
- Certifications/audits: recurring compliance spend
- Insurance: property, liability, cyber
- Ops: IT, G&A, governance scale
- Taxes/fees: jurisdictional variance
Land, build-outs and $3.6B capex in 2024 drive fixed costs across 243 data centers, with modular expansions lowering incremental spend. Energy (~30–40% site OPEX) and PUE ~1.5 materially affect margins; PPAs and on-site renewables hedge price risk. Staffing, maintenance, certifications and insurance scale with global footprint and supported FY2024 revenue of ~$8.6B.
| Metric | 2024 |
|---|---|
| Data centers | 243 |
| Capex | $3.6B |
| Revenue | $8.6B |
| PUE | ~1.5 |
Revenue Streams
Recurring MRR from racks, cages, suites and metered power forms the backbone of Equinix’s colocation revenue, supported by long‑term contracts that improve cash flow visibility; add‑ons include redundancy tiers (N to 2N) and high power densities up to ~30 kW per cabinet. Expansion and cross‑sell drive net retention uplift—Equinix reported FY2024 revenue of about US$8.9B and net revenue retention near 120%.
Monthly charges for ports, virtual circuits and physical links form recurring interconnection revenue—Equinix reported roughly $3.4B in interconnection revenue in 2024—pricing tiers reflect speed, bandwidth volume and redundancy (10G/100G premiums). Dense campus ecosystems drive higher attach rates (about 54% reported), while embedded cross-connects and dependencies keep churn low (under 4% annualized).
Equinix Managed Services and remote-hands provide onsite support for installs, swaps and troubleshooting, billed either time-and-materials or via subscription tiers. These services lower customer OPEX by reducing travel and downtime and tie into SLAs that justify premium pricing. Equinix reported FY2024 revenue of about 8.84 billion and interconnection growth near 25% YoY, underpinning demand for higher-touch services.
Edge compute & bare metal services
Edge compute and bare metal sit adjacent to Equinix's interconnection fabrics, offering on‑demand infrastructure with usage‑based pricing that matches variable workloads; rapid provisioning supports both dev/test and production cycles, while bundled networking services elevate ARPU. Equinix operated 240+ data centers across 70+ metros in 2024, reinforcing proximity to customers and partners.
- On‑demand, interconnect‑adjacent
- Usage‑based pricing for variable workloads
- Fast provisioning for dev/test & production
- Network bundles lift ARPU; 240+ DCs in 70+ metros (2024)
Professional services & consulting
Professional services & consulting deliver assessment, design, and migration engagements via fixed-scope or time-based contracts, accelerating deployments and de-risking complex projects for customers. These services often catalyze pull-through of Equinix core services, leveraging Equinix’s global footprint of over 240 data centers (2024) to shorten time-to-value and boost adoption.
- Assessment-to-migration lifecycle
- Fixed-scope or time & materials
- Reduces deployment risk, speeds rollouts
- Drives core service pull-through
Recurring colocation MRR (racks/cages/power) and long‑term contracts anchor cash flow; Equinix reported FY2024 revenue ~$8.9B and net revenue retention ~120%. Interconnection (ports, circuits) drove ~$3.4B in 2024 with ~25% YoY growth and attach rates ~54%, keeping churn <4%. Managed services, edge/bare‑metal and professional services add usage and premium ARPU while accelerating pull‑through.
| Metric | 2024 |
|---|---|
| Total revenue | $8.9B |
| Interconnection | $3.4B |
| Net retention | ~120% |
| Data centers / metros | 240+ / 70+ |