Iron Mountain, the world’s largest data management firm, has agreed to buy ITRenew, a global leader in data centre lifecycle management solutions.
Iron Mountain will buy 80 percent stake in ITRenew for $725 million. It will also purchase the remaining 20 percent within three years for a minimum enterprise value of $925 million.
Previous investor ZMC, a private equity firm focused on technology, media, and communications ventures, would divest its position.
ITRenew helps enterprises to protect their data, optimise the value of their hardware assets, and have a beneficial influence on the environment through IT asset circularity with its comprehensive array of best-in-class decommissioning and data security services. ITRenew has trailing twelve-month revenue of more than $415 million as of September 30, 2021, with a two-year compounded annual growth rate of nearly 16 percent.
“ITRenew complements our fast-growing IT Asset Lifecycle Management and Data Center businesses bringing capabilities to serve some of the largest and most innovative companies,” William Meaney, Chief Executive Officer of Iron Mountain, said.
