Records-management firm Iron Mountain Incorporated (NYSE: IRM) announced it has entered into a definitive agreement with Autonomy Corporation plc (LSE: AU) for the firm to acquire Iron Mountain’s online backup and recovery, digital archiving and eDiscovery solutions for $380 million in cash.
“This transaction is another significant step in delivering on the commitments we made in our three-year strategic plan announced in April and we are very pleased with the outcome of this process, ” said Iron Mountain Executive Chairman and CEO Richard Reese. “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. This was the right transaction at the right time for our customers, our employees and our shareholders.”
Iron Mountain, which entered the digital business 10 years ago, undertook a strategic review of that business beginning last fall and began exploring strategic alternatives.
The acquisition is expected to close within 45 to 60 days after regulatory review and closing conditions.