Iron Mountain To Sell Intellectual Property Management Business To NCC Group

Iron Mountain Inc. (IRM), a storage and information management services provider agreed to sell its Intellectual Property Management or IPM business to UK-based NCC Group (NCC.L), a software escrow and cyber security company, for $220 million.

The deal is expected to close in early June this year.

Barry Hytinen, chief financial officer of Iron Mountain said, "
The transaction is consistent with our capital allocation strategy. It will 
represent another source of capital to fund our strategic growth areas, 
including our data center development pipeline."

For its IPM business, Iron Mountain had registered revenue of $33 million and adjusted EBITDA of $22 million for the year ended December 31, 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Royal Caribbean Group's ultra-luxury brand Silversea Cruises is set to launch the world's first hybrid-powered cruise ship in the summer of 2023. This will also be the first ship with large-scale fuel cell technology to enable emission-free port operations. The fuel cells will provide 100% of power while at port. Affco USA is recalling around 24,461 pounds of frozen raw lamb shoulder products that were not presented for import re-inspection into the U.S., the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. The recall involves the frozen raw lamb shoulder items that were imported on July 12, 2021. American Express Company (AXP) reported an increase in profit for the third quarter that also topped Wall Street estimates. Consolidated total revenues net of interest expense rose 25 percent year-on-year, primarily reflecting growth in Card Member spending, as well as a rise in the average discount...
Follow RTT