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NCC Group has announced the signing of an agreement for the proposed acquisition of the Intellectual Property Management business of Iron Mountain Inc.
The deal comprises substantially all of the assets of Iron Mountain Intellectual Property Management, together with certain other assets of affiliates of Iron Mountain exclusively related to the IPM Business, for a cash consideration of $220 million (£156 million).
IPM is a provider of software resilience services to a large and diverse US market - the combination will provide immediate additional scale to NCC's core software resilience business, making the US region the largest contributor of the division's revenues and profits.
For the 12 months to the end of December 2020, IPM reported revenue of $32.9 million (£23.3 million) and EBITDA of $21.6 million (£15.4 million).
IPM is been led by John Boruvka and Joy Egerton, both of which are expected to be retained as part of the acquisition. Boruvka, Egerton and the senior members of the IPM Business team have agreed to continue in their roles following completion.