Like most global businesses, we are mindful that current uncertain economic and political environment. However, we believe that data center sector will continue to be a growth area in the context of the broader economy. In fact, our business has benefited significantly from a number of recent trends since the downturn in 2008, including the outsourcing of data center requirements by corporate enterprises, including large financial institutions, as well as the growth of managed service providers.
With our track record of reliability of financial resources as well as our design and construction expertise, we continue to attract enterprise customers especially financial institutions are looking for a data center provider to have mission critical applications. In addition, we are attracting many new customers to DLR.
We’ve consistently said that the great opportunity for our business is to convert the large enterprise users from building their own data centers to outsourcing that function to DLR. While this has contributed to a longer sales cycles in the short term, in part due to extensive procurement processes as many of the larger institutions, it does not represent a reduction in demand. We firmly believe that providing long-term data center solutions to these customers deliver sustained value and growth for our business and for our shareholders.