Iron Mountain to Buy ITRenew

Iron Mountain has made an interesting M&A. In a deal announced Friday, Iron Mountain revealed it has entered into a definitive agreement to acquire ITRenew from the private equity firm ZMC.

ITRenew helps hyperscale data center operators with lifecycle management solutions, enabling them to maximize the value they get out of their physical assets. That includes asset disposition with sustainability in mind.  The company has $415M in trailing 12 month revenue and claims a 16% two year compounded annual growth rate.

Iron Mountain will leverage ITRenew’s expertise as the core plaform for its own Global IT Asset Lifecycle Management business. The data center and information management company hopes that the new division will complement their existing business and customer base while tapping into a growing line of business.

The deal will cost Iron Mountain $725M in cash for 80% of ITRenew’s outstanding shares. The other 20% will be acquired within the next 3 years with the total purchase price reaching a minimum enterprise value of $925M.

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Categories: Datacenter · Managed Services · Mergers and Acquisitions