Iron Mountain closes acquisition of ITRenew

Iron Mountain Inc., an information management company based in Boston, has completed its acquisition of ITRenew, an information technology asset disposition, or ITAD, provider based in Newark, California.

According to a news release, Iron Mountain acquired 80 percent of the outstanding shares of ITRenew on a cash- and debt-free basis for about $725 million in cash. The remaining 20 percent will be acquired within three years of close for a minimum enterprise value of $925 million.

As previously reported, ITRenew will now become the platform for Iron Mountain’s Global IT Asset Lifecycle Management business. The company says the combination enhances its ability to provide end-to-end services for the hyperscale, corporate data center and corporate end-user device segments. 

Iron Mountain says it 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,” says William Meaney, president and CEO 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.”