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M&A: Iron Mountain Completes Regency Technologies Acquisition; Expands ITAD Services

January 13, 2024 by Joe Panettieri

Iron Mountain has completed the previously announced Regency Technologies acquisition. The deal further boosts Iron Mountain's ITAD (IT Asset Disposition) services.

This was M&A deal number 156 of 2023 when Iron Mountain first announced the deal in November 2023. See all M&A deals involving sustainability, climate tech and green IT services listed here.

The deal is valued at $200 million or 7.5 times annual EBITDA (earnings before interest, taxes, depreciation and amortization). Still, the overall purchase price and valuation may increase if Regency achieves certain earn-out goals, which are potentially payable in 2027.

Why Iron Mountain Acquired Regency Technologies: ITAD and More

Mark Kidd, executive VP and GM, Iron Mountain
Mark Kidd, executive VP and GM, Iron Mountain

Regency Technology aligns with Iron Mountain's existing IT Asset Lifecycle Management (ALM) business. In a prepared statement about the deal, Iron Mountain Executive VP and GM Mark Kidd said: “The completion of this acquisition is a defining moment in Iron Mountain's growth story. This is a strategic move that will propel us to the next frontier in Asset Lifecycle Management. The synergy between our two organizations will result in a wider network that provides our clients with faster services while significantly reducing environmental impact. We are thrilled to welcome everyone at Regency to the Iron Mountain team. Together, we are poised to redefine excellence in IT asset lifecycle management and disposition, offering a more comprehensive, secure, and efficient solution to our valued clients.”

Related Podcast: Stay tuned for our interview with Kidd in the next few days.

Jim Levine, CEO, Regency Technologies

Added Jim Levine, CEO of Regency Technologies: “This acquisition represents a pivotal step in our journey, reshaping the landscape of IT asset disposition and management. We are excited to embark on this new chapter, leveraging the combined scale and expertise of both organizations to deliver unparalleled value to our clients. We remain dedicated to innovation, sustainability, and customer- centricity as we forge ahead in the dynamic world of IT asset management.”

ITAD Market Growth Forecast, Customer Trends

Annual spending on ITAD is expected to reach $34 billion by 2030, up from $16.8 billion in 2022, according to Research and Markets. That's a 9.2% compound annual growth rate (CAGR), the researcher said.

M&A activity in the ITAD market has been strong. Buyers in the sector include Closed Loop Partners, Full Circle Electronics, Elemental Holding and TD Synnex, among others.

Kevin Corrigan, executive director, US Channel ITAD, Ingram Micro
Kevin Corrigan, executive director, US Channel ITAD, Ingram Micro

Three market trends are driving ITAD demand, according to Kevin Corrigan, executive director for US Channel ITAD at Ingram Micro:

  • Environmentalism and carbon reduction: Partners and customers are increasingly aligning with internal goals and government mandates to reduce their carbon footprints.
  • Data privacy and security: Partners and customers want to ensure that data is truly wiped clean from used equipment.
  • Asset recovery value: ITAD allows technology to be reused, recycled, donated, or sold through the circular economy.

More ITAD trends should emerge at the ITAD 2024 conference, scheduled for July in Miami, Florida.

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