Iron Mountain Completes Sale of Digital Business
Friday, June 03, 2011
Boston, MA – June 3, 2011 – Iron Mountain Incorporated (NYSE: IRM), the information management company, announced today that it has completed the sale of its online backup & recovery, digital archiving and eDiscovery businesses to Autonomy Corporation plc (LSE: AU. or AU.L) for $380 million in cash. The purchase price remains subject to a customary post-closing working capital adjustment. The signing of the definitive agreement for this transaction was originally announced on May 16, 2011.
As part of the sale, Iron Mountain has entered into an agreement with Autonomy to resell certain data backup and archiving solutions just acquired by Autonomy. These include data backup products Connected and LiveVault as well as the NearPoint archive, among others. Iron Mountain will rely on partnerships like this one to offer customers technology services for handling their digital data as a component of Iron Mountain’s overall information management solutions portfolio. As a leader in information management solutions, Iron Mountain is committed to helping customers solve their information management challenges for both physical and digital data.
Iron Mountain is not revisiting its full year 2011 guidance, last updated on April 28, 2011, at this time. The Company will update its guidance on its second quarter earnings conference call as appropriate. The Company 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.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) provides information management services that help organizations lower the costs, risks and inefficiencies of managing their physical and digital data. The Company’s solutions enable customers to protect and better use their information—regardless of its format, location or lifecycle stage—so they can optimize their business and ensure proper recovery, compliance and discovery. Founded in 1951, Iron Mountain manages billions of information assets, including business records, electronic files, medical data, emails and more for organizations around the world. Visit www.ironmountain.com for more information.