Iron Mountain Incorporated, the worldwide pioneer in innovative storage and information management services, today consented to an arrangement to sell its Intellectual Property Management (“IPM”) business to NCC Group (“NCC”), a publicly listed software escrow and network protection organization, situated in the UK. The entirety of the assets related with IPM will be offered to NCC for net proceeds of $220 million, or around $165 million, net of taxes and fees, subject to changes.
Iron Mountain Signs An Agreement With NCC Group
The sale of the IPM business lines up with Iron Mountain’s strategy to zero in on its core strengths and invest in innovative new products, services and solutions to all the more likely position the organization for future growth. “The transaction is reliable with our capital allocation strategy. It will address another wellspring of capital to support our essential growth territories, including our data center development pipeline,” said Barry A. Hytinen. He works as the Executive Vice President and Chief Financial Officer of Iron Mountain.
For the year finished December 31, 2020, IPM addressed revenue and Adjusted EBITDA of roughly $33 million and $22 million, separately. The transaction will be brought to a close toward the beginning of June 2021, subject to customary closing conditions, including the endorsement of NCC’s shareholders.