21Vianet and Foxconn have signed a strategic cooperation agreement to establish a joint venture named Smart Time Technologies Limited.

The two parties will jointly build and develop a global supply chain for the Internet data center and cloud computing infrastructure markets. In addition, the companies announced they plan to open a 21Vianet-Foxconn Internet infrastructure and engineering technology research and development center. This development is expected to further strengthen the technological collaboration between the two companies.

The location of the joint venture has not been decided yet — it could be located in Guiyang, Beijing, or Tianjin. Financial terms, including ownership stakes and capitalization requirements, of the JV have not yet been released.

According to Chen Sheng, chairman and chief executive officer of 21Vianet, big data has transformed from a technical concept into an important technology natural resource which supports the development of various industries and a data center is the base of big data hosting, storage, distribution, and future transactions. Over the next two decades, data centers will play a more important role in the development of China. As one of the first Chinese companies to introduce the data outsourcing model, 21Vianet is a qualified partner for Foxconn.

Wu Huifeng, vice president of Foxconn, said that by combining Foxconn's leading cloud computing solutions, cloud servers, storage devices and IDC cabinets and its many global industrial park expertise with 21Vianet's strong experience in IDC operations and rich resources in network infrastructure and customer relationships, they believe the joint venture will facilitate the vertical integration of the IDC value chain and help to build a complete cloud computing eco-system.