Iron Mountain Incorporated has entered into a definitive agreement to acquire ITRenew, a global leader in mission-critical data center lifecycle management solutions.
Founded in 2000, ITRenew principally serves hyper-scalers, the fastest-growing segment of the global IT Asset Disposition market, focusing on maximizing the lifetime value of data center servers through sustainable asset disposition, recycling and remarketing solutions.
ITRenew has been driving the shift to sustainable IT infrastructure by creating second lives for hyper-scale technology assets. ITRenew transforms decommissioned hardware into fully-integrated edge and data center infrastructure. Annually, ITRenew securely and sustainably decommissions more than one million servers, this number is growing rapidly.
“We are very proud of what we have built over the past several years with ZMC’s support,” said Aidin Aghamiri, Chief Executive Officer of ITRenew. “We see immense benefits and significant growth opportunities with Iron Mountain. The combination of Iron Mountain’s blue-chip enterprise customers and investments in data centers will play a valuable role in fulfilling the opportunities we’ve developed at ITRenew, providing us with the scale and global footprint we need to achieve our vision and deliver long-term growth,” he added.
The Company achieved significant expansion under ZMC’s ownership, including the rapid growth of revenue, executing strategic acquisitions and institutionalizing operations to meet customer demand.
“We take great satisfaction in ITRenew’s dynamic growth in recent years, driven by an outstanding management team and a talented group of employees. When we began our partnership, ITRenew was a family-owned business with a unique solution for hyper-scale data center operators to extend data center technology. Today, it is a global thought leader within the circular economy addressing the entire lifecycle of hyper-scale assets. We feel fortunate that we had the opportunity to work with the Company during this phase of its growth and remain excited about ITRenew’s prospects,” said Andrew Vogel, ZMC’s Co-Chief Investment Officer and Managing Partner.
“This strategic transaction marks an important step in advancing Iron Mountain’s position in Asset Lifecycle Management and accelerating our enterprise growth trajectory,” said William Meaney, Chief Executive Officer of Iron Mountain. “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.”
Upon closing, Iron Mountain will acquire 80 per cent of the outstanding shares of ITRenew on a cash- and debt-free basis for approximately $725 million in cash, with the remaining 20 per cent acquired within three years of Close for a minimum enterprise value of $925 million. Previous investor ZMC, will exit its position as part of the transaction.
