Autonomy Buys Iron Mountain's Digital Storage Business for $380 Million
Iron Mountain has committed to refocusing itself on its 60-year-old core business, storage and protection of physical media and other property, and is getting out of the digital storage business.
U.K.-based Autonomy, a fast-growing, multifaceted IT company, reported May 16 that it will acquire Iron Mountain’s digital archiving, e-discovery and online backup business for $380 million in cash.
The move propels Autonomy, which mostly has been known within the business and legal communities for its widely deployed and respected analytics and e-discovery systems, into the mix as one of the world's top 10 data protection providers.
Fifteen-year-old Autonomy, founded as a result of research and development at Cambridge University, said it expects the deal to increase its revenue by about $135 million per year.
Boston-based Iron Mountain, well known for its information management services and heavily secured under- and above-ground vaults that house everything from government and enterprise cold-storage documents to Hollywood movies, artworks and personal valuables, will be turning over digital files and data of about 6,000 customers to Autonomy. IMD has about 6PB (petabytes) of data currently under its management.
As a result of the transaction, Autonomy will continue to support Iron Mountain’s existing customers with IM's Connected backup service, which it said will be offered to existing Autonomy customers.
For more, read the eWEEK article: Autonomy Acquires Iron Mountain's Digital Storage Businesses for $380M.