Iron Mountain To Sell Intellectual Property Management Business To NCC Group

(RTTNews) - Iron Mountain Inc. (IRM), a storage and information management services provider agreed to sell its Intellectual Property Management or IPM business to UK-based NCC Group (NCC.L), a software escrow and cyber security company, for $220 million.

The deal is expected to close in early June this year.

Barry Hytinen, chief financial officer of Iron Mountain said, " The transaction is consistent with our capital allocation strategy. It will  represent another source of capital to fund our strategic growth areas,  including our data center development pipeline."

For its IPM business, Iron Mountain had registered revenue of $33 million and adjusted EBITDA of $22 million for the year ended December 31, 2020.