ITAD Service Provider Announced Completion of Strategic Acquisition

SEATTLE (Scrap Monster): Iron Mountain Inc.- the leading IT Asset Disposition provider announced that it has completed previously announced acquisition of IT Renew-a global leader in mission critical data center lifecycle management solutions. The two companies had entered into a definitive agreement during December 2021.

According to company press release, Iron Mountain has acquired 80% of the outstanding shares of ITRenew on a cash- and debt-free basis for approximately $725 million in cash, with the remaining 20% acquired within three years of close for a minimum enterprise value of $925 million.

ALSO READ: Global ITAD Market to Witness CAGR of 8.5% by 2028

The closing of the deal makes IT Renew a platform for Iron Mountain’s Global IT Asset Lifecycle Management business. Furthermore, it will enhance Iron Mountain’s ability to provide end-to-end services for the hyperscale, corporate data center and corporate end user device segments. Also, it will help the company build on the strategic platform to accelerate its enterprise growth.

William Meaney, President and Chief Executive Officer of Iron Mountain stated that the company is thrilled to welcome everyone at ITRenew to the Iron Mountain team. The transaction will advance Iron Mountain’s position in Asset Lifecycle Management and accelerate its enterprise growth trajectory, he added.