Iron Mountain acquires ITrenew, giving it an edge in the refurbishing, marketing and sales of data center hardware.
Iron Mountain realizes the acquisition with a purchase of 80 percent of the shares of ITRenew. The organization forks over $820 million (€925 million) to investor company ZMC, ITRenew’s current owner.
ITRenew, founded in 2000, is known for refurbished data center hardware and circularity consulting services. Its portfolio includes services for refurbishing and repurposing servers, large-scale data drive wiping and achieving IT organizations’ sustainability goals.
In the mid-2010s, the company attracted the attention of ZMC. The investor was actively looking for acquisitions of companies related to hyperscale data centers, a market growing rapidly to this day. ZMC bought ITRenew in 2017. Now, the investor company accepts a bid from Iron Mountain. Iron Mountain expects the official transfer to take place in early 2022.
Why Iron Mountain?
A significant part of Iron Mountain’s business revolves around digitizing and securing data. ITRenew’s business — secure data destruction, refurbishing and consulancy — is highly relevant. With the acquisition, Iron Mountain adds appropriate technology, expertise and a global customer base to its portfolio. A growing market share is expected.