Iron Mountain acquires IO Data Centres’ US operations for $1.3bn
Iron Mountain, a US-based leader in providing information storage and management services, has announced that it has agreed to acquire the US operations of data centre firm, IO Data Centres.
The two companies have entered into a definitive agreement that will see Iron Mountain purchasing four data centres, located in Arizona, New Jersey and Ohio, in a deal worth over $1.3bn.
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"We are pleased to enter into an agreement with Iron Mountain and excited by the potential this transaction represents,” said George Slessman, Founder and CEO of IO.
“Iron Mountain's deep customer relationships, global scale and excellent access to capital markets, combined with IO's strong presence in the high-growth data centre industry will provide attractive opportunities for our employees and a broader, more geographically diverse platform of facilities and services for our customers. “
The acquisition of IO Data Centres follows on from Iron Mountain’s purchase of Fortrust data centre in September and the company’s planned acquisition of two Credit Suisse data centres in the markets of London and Singapore that will close in 2018.
"We continue to experience strong demand and growth in our data centre business, with a focus on establishing a presence in the largest global markets for colocation and enterprise customers,” said Iron Mountain President and CEO, William Meaney.
“Our strategy includes organic expansion within our existing footprint, greenfield development in the largest U.S. markets such as our newly opened campus in Northern Virginia, and targeted acquisitions of properties with customer profiles that closely mirror our own.”
Once Iron Mountain’s IO Data Centres and Credit Suisse acquisitions close, the company will hold a total 90MW of existing capacity, with an additional 26MW of capacity under construction.