Iron Mountain Sells Online Backup and Other Digital Businesses to Autonomy for $380M
Boston-based Iron Mountain, the data management and protection company, said today it is selling its online backup and recovery, digital archiving, and eDiscovery businesses to San Francisco- and Cambridge, U.K.-based Autonomy for $380 million in cash. The deal is expected to close within 45 to 60 days.
Iron Mountain (NYSE: IRM), founded in 1951, is a stalwart of the Boston-area data storage ecosystem. The company lost money in 2010 (it was profitable in 2009), despite revenues of more than $3 billion. Last month, former CEO Bob Brennan resigned and was replaced by Richard Reese, the company’s chairman (and former CEO from 1981 to 2008).
Autonomy (LSE: AU.L) is a growing business software firm that is increasingly focused on helping companies manage stacks of e-mails, phone calls, and documents in the Internet cloud. The firm, which was founded in the U.K. and also has a Boston office, posted revenues of $870 million in 2010 and has been profitable.