RTTNews | May 13, 2021 02:55AM EDT

02:54 Thursday, May 13, 2021 (RTTNews.com) - 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.

BarryHytinen,chief financial officer of IronMountain said, "Thetransactionisconsistentwithourcapitalallocationstrategy.Itwillrepresentanothersourceofcapitaltofundourstrategicgrowthareas,includingourdatacenterdevelopmentpipeline."

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

Read the original article on RTTNews ( https://www.rttnews.com/3194450/iron-mountain-to-sell-intellectual-property-management-business-to-ncc-group.aspx)

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