“Iron Mountain Incorporated (NYSE: IRM), the leading information management company, has entered into a definitive agreement to acquire ITRenew, a global leader in mission critical data center lifecycle management solutions. Upon closing, Iron Mountain will acquire 80 percent of the outstanding shares of ITRenew on a cash- and debt-free basis for approximately $725 million in cash, with the remaining 20 percent acquired within three years of Close for a minimum enterprise value of $925 million. Previous investor ZMC, a leading private equity firm focused on technology, media and communications investments, will exit its position as part of this transaction.”
“Founded in 2000, ITRenew principally serves hyperscalers, the fastest growing segment of the global IT Asset Disposition market, focusing on maximizing the lifetime value of data center servers through sustainable asset disposition, recycling and remarketing solutions. With its comprehensive portfolio of best-in-class decommissioning and data security services, ITRenew enables companies to securely protect their data, maximize the value of their hardware assets, and have a positive impact on the environment through IT asset circularity. As of September 30, 2021, ITRenew had trailing twelve month revenue in excess of $415 million, and has a two year compounded annual growth rate of approximately 16 percent.”
“Following the close of the transaction, ITRenew will form the platform for Iron Mountain’s Global IT Asset Lifecycle Management business. IT Asset Lifecycle Management refers to the deployment, management, and ultimate decommissioning and disposition of technology assets at the end of their useful life. The combination significantly enhances the Company’s ability to provide end to end services to the hyperscale, corporate data center and corporate end user device segments…” Read the full press release here.
Source: Iron Mountain to Acquire ITRenew – December 10, 2021. Iron Mountain.