Iron Mountain Incorporated has agreed to acquire ITRenew, a data center lifecycle management solution provider. The overall price tag is expected to be roughly $925 million, though the final cost will depend in ITRenew's performance over the next three years. The deal's valuation was roughly 12X EBTIDA for the trailing 12-months as of September 30, 2021.
This is technology M&A deal number 772 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Iron Mountain Acquires ITRenew
ITRenew, founded in 2000, is multinational corporation specializing in IT asset disposition and data center technology lifecycle management. ITRenew principally serves hyperscalers and is focused on sustainable asset disposition, recycling and remarketing of data center technology and solutions. As of September 30, 2021, ITRenew had trailing 12-month revenue in excess of $415 million, and has a two-year compounded annual growth rate (CAGR) of approximately 16 percent.
Iron Mountain, founded in 1951, has more than 225,000 customers worldwide. The company services span digital transformation, data centers, secure records storage, information management, IT asset lifecycle management, secure destruction and art storage and logistics.
Once the deal closes, ITRenew will form the platform for Iron Mountain’s global IT asset lifecycle management business.
Advancing Asset Lifecycle Management and Sustainability
Deirdre Evens, EVP, asset lifecycle management, Iron Mountain
Aidin Aghamiri, CEO, ITRenew
William Meaney, CEO of Iron Mountain, commented on the news:
"This strategic transaction marks an important step in advancing Iron Mountain’s position in Asset Lifecycle Management and accelerating our enterprise growth trajectory. 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 in the world."
Deirdre Evens, Iron Mountain executive vice president, asset lifecycle management, added:
"With ITRenew, we become a key player in addressing the global challenge of reducing the environmental impact of IT and data center operations, furthering our commitment to ESG."
Aidin Aghamiri, CEO of ITRenew, said:
"We are excited to enter this agreement with Iron Mountain, as the combination will provide us with the scale and global footprint to achieve our vision and deliver long-term growth."
The deal is expected to close in the first quarter of 2022.
