Information management firm Iron Mountain Incorporated and Autonomy Corporation have entered into a definitive agreement, under which Autonomy will acquire Iron Mountain’s online backup & recovery, digital archiving and eDiscovery products for $380m in cash.
However, Iron Mountain will retain its software escrow business, which is currently included in its Worldwide Digital Business segment, and other technology services such as its Digital Record Centers for Images and Medical Images.
With this acquisition, Autonomy adds over six petabytes of data under management and more than 6,000 customers to its customer base, bringing Autonomy’s private cloud data to over 25 petabytes and total customer base to over 25,000.
Iron Mountain’s executive chairman and chief executive officer Richard Reese said this transaction is another significant step in delivering on the commitments they made in their three-year strategic plan announced in April, and they are very pleased with the outcome of this process.
"Autonomy is a global leader in infrastructure software for the enterprise assuring that our customers will be well serviced and our employees will have greater opportunities," Reese said.
Autonomy group CEO Mike Lynch said processing customer data in the cloud continues to be a strategic part of Autonomy’s information governance business.
"We look forward to extending regulatory compliance, legal discovery and analytics to a host of new customers as well as enabling the intelligent collection and processing of non-regulatory data from distributed servers, PCs and especially tens of millions of mobile devices. This will afford the opportunity to bring to these customers the power of IDOL’s meaning-based technology," Lynch said.
"This acquisition makes Autonomy the cloud platform of choice, processing and understanding 25 petabytes of customer information. IDOL will allow significantly more value, analytical insight and return to be generated for our customers from this cloud platform."
Subject to regulatory review and customary closing conditions, the acquisition is expected to close within approximately 45 to 60 days.
Weil, Gotshal & Manges and Sullivan & Worcester are acting as legal advisors to Iron mountain, while J.P. Morgan Securities and Morgan Stanley are serving as lead and co-financial advisors, respectively.
This article is from the CBROnline archive: some formatting and images may not be present.
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