Information management company, Iron Mountain announced that it has completed the acquisition of ITRenew, a data center lifecycle management solutions provider. The company acquired 80% of the outstanding shares of ITRenew on a cash- and debt-free basis for approximately $725 million in cash. The remaining 20% is also acquired within three years for a minimum enterprise value of $925 million.
IT Asset Lifecycle Management
With the acquisition, ITRenew became Iron Mountain’s Global IT Asset Lifecycle Management business platform. The combination will enhance Iron mountain’s capabilities to provide services for the hyper-scale, corporate data center, and corporate end-user device segments.
The company stated that it will build on this strategic platform. Iron Mountain will also accelerate enterprise growth with the company’s global customer base and data security and logistics capabilities.
William Meaney, President and Chief Executive Officer of Iron Mountain said,
« One of the strategic cornerstones of the ITRenew transaction is that it advances Iron Mountain’s position in Asset Lifecycle Management and accelerates our enterprise growth trajectory. With ITRenew, we can maximize the lifetime value of data center technology through innovative circular economic models, helping our customers achieve both financial and sustainability benefits. We are thrilled to welcome everyone at ITRenew to the Iron Mountain team. »