Iron Mountain completes acquisition of Regency Technologies

Iron Mountain announces it has completed its acquisition of Regency Technologies, a leading provider of IT asset disposition (ITAD) services in the United States.

August 2, 20233 mins
Iron Mountain completes acquisition of Regency Technologies

PORTSMOUTH, N.H.-- Iron Mountain (NYSE: IRM), a global leader in information management, innovative storage, data center infrastructure, and asset lifecycle management today announced it has completed its acquisition of Regency Technologies, a leading provider of IT asset disposition (ITAD) services in the United States. Building on Iron Mountain's extensive logistics network, which already provides customers with leading information security in IT Asset Lifecycle Management (ALM), the combined platform establishes a market leader in IT asset disposition customer solutions. This will result in enhanced environmental sustainability and increased value recovery at the end of the IT asset lifecycle.

Mark Kidd, EVP & General Manager, Asset Lifecycle Management & Data Centers, said: “The completion of this acquisition is a defining moment in Iron Mountain's growth story. This is a strategic move that will propel us to the next frontier in Asset Lifecycle Management. The synergy between our two organizations will result in a wider network that provides our clients with faster services while significantly reducing environmental impact. We are thrilled to welcome everyone at Regency to the Iron Mountain team. Together, we are poised to redefine excellence in IT asset lifecycle management and disposition, offering a more comprehensive, secure, and efficient solution to our valued clients.”

Jim Levine, CEO of Regency Technologies, said: “This acquisition represents a pivotal step in our journey, reshaping the landscape of IT asset disposition and management. We are excited to embark on this new chapter, leveraging the combined scale and expertise of both organizations to deliver unparalleled value to our clients. We remain dedicated to innovation, sustainability, and customer- centricity as we forge ahead in the dynamic world of IT asset management.”

Transaction Details

Regency Technologies has trailing four quarter revenues in excess of $100 million. The initial purchase price is $200 million, with $125 million to be paid at close and the remainder due in 2025, which represents an approximate 7.5x multiple of EBITDA. The acquisition also features a potential performance-based earn-out, which would be payable in 2027, if earned.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management, innovative storage, data center infrastructure, and asset lifecycle management. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers’ work. Through a range of services including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.

To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on X (formerly Twitter) and LinkedIn.

Investor Relations Contacts:

Gillian Tiltman
SVP, Head of Investor Relations
Gillian.Tiltman@ironmountain.com
+1 (617) 286-4881

Erika Crabtree
Manager, Investor Relations
Erika.Crabtree@ironmountain.com
+1 (617) 535-2845

About Regency Technologies

Regency Technologies partners with Fortune 500 companies, government organizations, and other clients to process their end-of-use IT assets. The company uses innovative processes and equipment to maximize monetary value, extend the useful life of devices, and support the environmental sustainability goals of its clients.

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