Iron Mountain Completes Acquisition of ITRenew

Leading IT Asset Disposition Provider Serving the Fastest-Growing Segment of the Market

Accelerating Iron Mountain’s Growth Trajectory with Hyperscale Providers, Expanding Core Capabilities in Secure IT Asset Disposition, and Advancing ESG Offerings

BOSTON, MA (STL.News) Iron Mountain Incorporated (NYSE: IRM), the leading information management company, has completed its acquisition of ITRenew, a global leader in mission-critical data center lifecycle management solutions.  With the transaction, Iron Mountain acquired 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.

With the acquisition close, ITRenew becomes the platform for Iron Mountain’s Global IT Asset Lifecycle Management business.  The combination significantly enhances the Company’s ability to provide end-to-end services for the hyper-scale, corporate data center, and corporate end-user device segments.  Iron Mountain will build on this strategic platform and accelerate enterprise growth by leveraging its global customer base and best-in-class data security and logistics capabilities.

“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,” said William Meaney, President and Chief Executive Officer of Iron Mountain.  “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.”

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