What was GDS's revenue growth rate in 2020-Q4 compared to the previous year 
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I will now turn the call over to GDS Founder, Chairman, and CEO, William Huang. Please go ahead, William.
William Huang -- Chairman and Chief Executive Officer
Thank you, Laura. Hello, everyone. This is William. Thank you for joining us on today's call. GDS has been on an extraordinary journey for the past five years. The data center market in China has grown beyond imagination. As digitalization took off, our growth trajectory has been unprecedented in the data center world. We have become the clear market leader reaching a scale which is a multiple times bigger than our closest competitors. We have the best customer relationships, the most compete market presence, by far the largest development pipeline, the strongest the balance sheet, the lowest cost of capital. And most important of all, an unmatched reputation, which reflects many years of consistent delivery and a high operating standards.
As we look forward from today, we see wave after wave of incremental demand driven by new technologies such as 5G, AI, cloud and IoT, supported by highly favorable government's policies. The market opportunities in front of us is inconceivable. While others are just waking up, we are moving rapidly ahead to reinforce our market position by innovating with products and business models, deepening our strategic customer relationships, adding substantially to our pipeline of scarce resource in Tier 1 markets, enhancing our platform by entering new markets in China and overseas, seizing opportunities to further consolidate the market and groundbreaking green initiatives.
We have only just begun to reap the rewards of our past efforts. 2021 will mark our 20th anniversary. For me personally, GDS is still at an early stage of development. And over the next few years, we will take the business to another level. Despite the difficult operating environment last year, we made a tremendous progress over the past year across every aspect of our business and have met or exceeded our expectation.
First of all, we beat our sales target adding over 136,000 square meters or 271 megawatts of new customer commitments. We expanded our data center capacity in line with sales adding nearly 140,000 square meters in service and under construction. We added significantly to our development pipeline, ending the year with 480,000 square meters secured for future development.
We stepped up our M&A activities, closing four deals with over 50,000 square meters of capacity. We grew revenue by 39.2% and adjusted EBITDA by 47% year-over-year. Our adjusted EBITDA margin came off nearly 2.5 percentage points higher at 46.7%. We raised $2.4 billion of equity and successfully completed our Hong Kong IPO.
Turning to our sales achievement on slide six. At the beginning of the year, we targeted 80,000 square meters of organic net add, plus 20,000 square meters from acquisitions pending closing. We over delivered by a big margin, achieving 108,000 square meters of organic net added, including 14,000 square meter from B-O-T projects, and nearly 28,000 square meters from M&A.
Looking forward to 2021, we believe that the current level of organic booking is sustainable, at around 90,000 square meters to 100,000 square meters of net add. Excluding B-O-T data centers for the M&A part, we already have over 19,000 square meters net added in progress from the Beijing 15 acquisition, which is pending closing and we aim to close more deals this year.
Turning to slide seven, every quarter a handful of hyperscale orders account for a large part of our sales. These must win deals are typically major deployments at our edge-of-town campus. Hyperscale customers look to land and expand in key locations. For cloud service providers, these locations are often considered as discrete availability zone, which are critical to their IT architecture.
We are very strategic in targeting the first piece of business when customers deploy to a new area. We have succeeded many times in attracting hyperscale customers to establish an initial presence on our sites. It requires close collaboration w
res.
I will now turn the call over to GDS Founder, Chairman, and CEO, William Huang. Please go ahead, William.
William Huang -- Chairman and Chief Executive Officer
Thank you, Laura. Hello, everyone. This is William. Thank you for joining us on today's call. GDS has been on an extraordinary journey for the past five years. The data center market in China has grown beyond imagination. As digitalization took off, our growth trajectory has been unprecedented in the data center world. We have become the clear market leader reaching a scale which is a multiple times bigger than our closest competitors. We have the best customer relationships, the most compete market presence, by far the largest development pipeline, the strongest the balance sheet, the lowest cost of capital. And most important of all, an unmatched reputation, which reflects many years of consistent delivery and a high operating standards.
As we look forward from today, we see wave after wave of incremental demand driven by new technologies such as 5G, AI, cloud and IoT, supported by highly favorable government's policies. The market opportunities in front of us is inconceivable. While others are just waking up, we are moving rapidly ahead to reinforce our market position by innovating with products and business models, deepening our strategic customer relationships, adding substantially to our pipeline of scarce resource in Tier 1 markets, enhancing our platform by entering new markets in China and overseas, seizing opportunities to further consolidate the market and groundbreaking green initiatives.
We have only just begun to reap the rewards of our past efforts. 2021 will mark our 20th anniversary. For me personally, GDS is still at an early stage of development. And over the next few years, we will take the business to another level. Despite the difficult operating environment last year, we made a tremendous progress over the past year across every aspect of our business and have met or exceeded our expectation.
First of all, we beat our sales target adding over 136,000 square meters or 271 megawatts of new customer commitments. We expanded our data center capacity in line with sales adding nearly 140,000 square meters in service and under construction. We added significantly to our development pipeline, ending the year with 480,000 square meters secured for future development.
 We stepped up our M&A activities, closing four deals with over 50,000 square meters of capacity. We grew revenue by 39.2% and adjusted EBITDA by 47% year-over-year. Our adjusted EBITDA margin came off nearly 2.5 percentage points higher at 46.7%. We raised $2.4 billion of equity and successfully completed our Hong Kong IPO.
Turning to our sales achievement on slide six. At the beginning of the year, we targeted 80,000 square meters of organic net add, plus 20,000 square meters from acquisitions pending closing. We over delivered by a big margin, achieving 108,000 square meters of organic net added, including 14,000 square meter from B-O-T projects, and nearly 28,000 square meters from M&A.
Looking forward to 2021, we believe that the current level of organic booking is sustainable, at around 90,000 square meters to 100,000 square meters of net add. Excluding B-O-T data centers for the M&A part, we already have over 19,000 square meters net added in progress from the Beijing 15 acquisition, which is pending closing and we aim to close more deals this year.
Turning to slide seven, every quarter a handful of hyperscale orders account for a large part of our sales. These must win deals are typically major deployments at our edge-of-town campus. Hyperscale customers look to land and expand in key locations. For cloud service providers, these locations are often considered as discrete availability zone, which are critical to their IT architecture.
We are very strategic in targeting the first piece of business when customers deploy to a new area. We have succeeded many times in attracting hyperscale customers to establish an initial presence on our sites. It requires close collaboration w