Iron Mountain has acquired Wisetek, an ITAD (IT asset disposition) service provider in Ireland, the Irish Examiner reported. Financial terms of the deal were not disclosed.
This is M&A deal number 263 that Sustainable Tech Partner has covered so far in 2024. Related: See all M&A deals involving sustainability, climate tech and green IT services listed here.
Iron Mountain has been an active ITAD business buyer. Earlier acquisitions include Regency Technologies and ITRenew.Â
Iron Mountain Buys Wisetek: ITAD Business Backgrounds
Iron Mountain, founded in 1951, is based in Boston, Massachusetts. The company specializes in information management, storage, data center infrastructure, and asset lifecycle management. The Iron Mountain partner program serves channel partners, real estate brokers and strategic alliances. Example alliances typically involve environmental, hardware, software and interconnection businesses.
Wisetek, founded in 2007 by Sean Sheehan (pictured top of page), is based in Cork, Ireland. The company also has offices in the United Kingdom (Milton Keynes), the United States (Massachusetts, Virginia, Texas, and California), Fujairah, and Thailand (Laem Chabang), acording to Wisetek's LinkedIn page.
Wisetek employs approximately 400 people worldwide and holds a number of blue-chip customers including Dell, Google, Viacom CBS, and PFH, the Irish Examiner reported.
A spokesman told the newspaper: "Iron Mountain has acquired Wisetek, a leading provider of IT asset disposition, data sanitisation, and reuse, headquartered in Cork, Ireland. This strategic move and Wisetek’s expertise strengthens our ability to deliver innovative solutions for our customers. We look forward to working with and learning from the Wisetek team as our integration gets under way."
IT Asset Disposition (ITAD) M&A And Market Growth Forecast
Meanwhile, M&A activity in the ITAD market remains strong. Among the reasons: 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.
Also, key investors in the e-waste market include the Microsoft Climate Innovation Fund -- which backs Circular Services, a startup that's building and expanding recycling infrastructure across the United States.
Among the key business drivers for ITAD spending: The growing desire to reduce e-waste -- thereby keeping PCs, laptops, smartphones, printers, networking equipment and consumer electronics out of landfills.
