Information management company Iron Mountain Inc. has acquired ITRenew.

Iron Mountain has acquired 80 percent of the outstanding shares of ITRenew on a debt-free basis for approximately $725 million in cash, with the remaining 20 percent acquired within three years of closing for a minimum value of $925 million.

ITRenew is a data center lifecycle management services company based in California focused on maximizing the lifetime value of data center technology. With this acquisition, Iron Mountain plans to accelerate enterprise growth by leveraging its global customer base, data security and logistics capabilities. Going forward, ITRenew will act as the platform for Iron Mountain’s Global IT Asset Lifecycle Management business.

“One of the strategic cornerstones of the ITRenew transaction is that it advances Iron Mountain’s position in Asset Lifecycle Management and accelerates our enterprise growth trajectory,” said William Meaney, president and CEO of Iron Mountain. “With ITRenew, we can maximize the lifetime value of data center technology through innovative circular economic models, helping our customers achieve both financial and sustainability benefits. We are thrilled to welcome everyone at ITRenew to the Iron Mountain team.”