Iron Mountain sells its intellectual property management business | Business
BOSTON – (BUSINESS WIRE) – May 13, 2021 –
Iron Mountain Incorporated (NYSE: MRI ), the world leader in innovative information storage and management services, today signed an agreement to sell its Intellectual Property Management (“IPM”) business to NCC Group (“NCC”), a UK listed cybersecurity and software escrow company. All assets associated with IPM will be sold to NCC for gross proceeds of $ 220 million, or approximately $ 165 million, net of taxes and fees, subject to adjustments.
The divestiture of the IPM business aligns with Iron Mountain’s strategy of focusing on its core strengths and investing in new innovative products, services and solutions to better position the company for future growth.
“The transaction is in line with our capital allocation strategy. It will be another source of capital to fund our areas of strategic growth, including our data center development pipeline, ”said Barry A. Hytinen, executive vice president and chief financial officer of Iron Mountain.
For the year ended December 31, 2020, IPM represented revenue and Adjusted EBITDA of approximately $ 33 million and $ 22 million, respectively. The transaction is expected to close in early June 2021, subject to customary closing conditions, including NCC shareholder approval.
Iron Mountain Incorporated (NYSE: MRI ) is the global leader in innovative information storage and management services, storing and protecting billions of valuable assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers at CLIMB HIGHER ™ transform their businesses. Through a range of services, including digital transformation, data centers, secure storage of recordings, information management, secure destruction, and art storage and logistics, Iron Mountain helps businesses illuminate their dark data, enabling customers to unleash value and intelligence from their stored digital and physical assets quickly and securely, while helping them achieve their environmental goals.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the sphere of security created by this law. Forward-looking statements include, but are not limited to the early closing of the transaction. These forward-looking statements are subject to various risks, uncertainties and other known and unknown factors. Where Iron Mountain uses words such as “believes”, “expects”, “anticipates”, “believes” or similar expressions, it is making forward-looking statements. Although Iron Mountain believes its forward-looking statements are based on reasonable assumptions, Iron Mountain’s expected results may not be achieved and actual results may differ materially from its expectations. In addition, important factors that could cause actual results to differ from Iron Mountain’s expectations include, among others, the ability of Iron Mountain to complete the proposed transaction in accordance with its terms, the risk that the terms of completion. of the transaction are not completed in a timely manner. or not at all and the risks that we may not, through the joint venture, be able to achieve business expectations and value based on operational challenges, market risks or acquire the ownership or control that we expect. Other risks described in more detail in our filings with the Securities and Exchange Commission, including under the heading “Risk Factors” in or incorporated into our periodic reports. You should not rely on forward-looking statements except as statements of Iron Mountain’s current intentions and current expectations, which may or may not occur. Except as required by law, Iron Mountain assumes no obligation to publicly disclose the result of any revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.
CONTACT: Media relations contact:
Iron Mountain Global Communications
Senior Vice President, Investor Relations
(617) 535-2887 Nathan McCurren
Director, Investor Relations
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SOURCE: Iron Mountain Incorporated
Copyright Business Wire 2021.
PUB: 05/13/2021 02:00 / DISC: 05/13/2021 02:02
Copyright Business Wire 2021.