Cambridge, UK-based infrastructure software company Autonomy this morning announced that it is acquiring a number of assets of Iron Mountain‘s digital division – including the latter’s archiving, e-discovery and online backup business units – for $380 million in cash.
Dr. Mike Lynch, CEO of Autonomy, said in a statement that they’ve been wanting to close such a deal for a while now. Lynch pitched the acquisition thusly:
“Processing customer data in the cloud continues to be a strategic part of Autonomy’s information governance business. We look forward to extending regulatory compliance, legal discovery and analytics to a host of new customers as well as enabling the intelligent collection and processing of non-regulatory data from distributed servers, PCs and especially tens of millions of mobile devices.”
Autonomy’s cloud platform will henceforth self-reportedly process 25 petabytes of customer information, and more than 6,000 customers will now become part of Autonomy’s customer base, which will exceed 25,000 customers in total.
It’s important to note that not all of Iron Mountain’s digital business were acquired – the agreement doesn’t include the takeover of the company’s technology escrow service, a medical records archive service and other smaller operations which were recently shut down.
As always, the acquisition is subject to regulatory review and customary closing conditions, but Autonomy says it expects the deal to close within approximately 45 to 60 days.
Autonomy said it will take a $10 million charge when the deal closes, and that the agreement will boost revenues by $130 million to $140 million a year.