BOSTON--(BUSINESS WIRE)--Iron Mountain Incorporated (NYSE:IRM), the storage and information management services company, today announced that, further to the press release dated February 24, 2021, it has closed on the agreement to form a joint venture with Web Werks, one of India’s top colocation data center providers. Iron Mountain expects to invest $150 million over the next two years and anticipates being the majority investor in the venture after the investment period.
Web Werks -- which already operates three Tier 3, carrier-neutral data centers in Mumbai, Pune and Delhi NCR -- recently announced that they have acquired a land parcel to build a standalone purpose-built Greenfield data center in Navi Mumbai. This new standalone 100,000 square foot structure will be a next-generation, Uptime Tier 3 designed data center with 12.5MW of power and a rich interconnectivity ecosystem consisting of major Telcos, 160+ ISPs and three major Internet Exchanges: De-CIX, Extreme IX and NIXI. The new facility, expected to be ready for service by mid 2022, abuts Web Werks’ existing data center in Navi Mumbai.
“We are very pleased to reach today’s milestone and to join forces with the talented and seasoned team at Web Werks in order to meet the strong customer demand in India,” stated Michael Goh, General Manager, Asia-Pacific at Iron Mountain Data Centers. “Together we look forward to expanding and building new highly connected, secure and compliant data centers in the pan-India region for our hyperscale, network, content and enterprise customers.”
With the latest land expansion, Web Werks is expected to have a combined footprint of 325,000 square feet, provide 16.5 MW of capacity, house six worldwide Points of Presence (POPs), enable access to 160+ ISPs, support 6,000+ servers and support a growing customer base of 850+.
“India is one of the fastest growing digital markets in the world with 560 million internet subscribers and a rapidly growing number of businesses adopting digital transformation and moving workloads to the cloud,” stated Nikhil Rathi, CEO, Web Werks. “We are one of the few data center providers that can provide a pan-India footprint backed by the interconnected, compliant and scalable infrastructure needed to support the insatiable demand in the region.”
For more information please visit www.ironmountain.com/datacenters.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of nearly 93 million square feet across approximately 1,450 facilities in 56 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working. Visit www.ironmountain.com for more information.
About Web Werks
With a combined footprint capability of 225,000 square feet, Web Werks operates 3 strategically located Data centers in Mumbai, Pune and Delhi NCR along with 3 worldwide Points of Presence (POPs). Web Werks currently operates 4 megawatts (MW) of capacity supporting 6,000+ servers running 850 clients. Web Werks through its Data centers also provides access to a robust, neutral interconnection ecosystem of carrier, content and cloud providers including over 160 Internet Service Providers (ISP) and 5 Internet Exchanges. As market leaders in hyper connected infrastructure, Web Werks supports a broad base of well-known brands from Enterprise, BFSI, SMEs and OTTs who require the ability to efficiently and effectively scale their online businesses. For more information please visit www.webwerks.com.
Forward Looking Statement
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor created by such Act. Forward-looking statements include, but are not, limited to the anticipated closing of the transaction, the timing and size of additional investments, Iron Mountain's expected ownership stake and the expected value of the joint venture and future expansion growth in the region. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When Iron Mountain uses words such as "believes," "expects," "anticipates," "estimates" or similar expressions, it is making forward-looking statements. Although Iron Mountain believes that its forward-looking statements are based on reasonable assumptions, Iron Mountain's expected results may not be achieved, and actual results may differ materially from its expectations. In addition, important factors that could cause actual results to differ from Iron Mountain's expectations include, among others Iron Mountain's ability to close the proposed transaction in accordance with its terms, the risk that the conditions to completing the transaction will not be satisfied on a timely basis or at all and risks that we may not through the joint venture be able to achieve the expectations for the business and value based on challenges with the operations, risks in the market or gain the ownership or control we expect. Other risks described more fully in our filings with the Securities and Exchange Commission, including under the caption "Risk Factors" in our periodic reports or incorporated therein. You should not rely upon forward-looking statements except as statements of Iron Mountain's present intentions and of its present expectations, which may or may not occur. Except as required by law, Iron Mountain undertakes no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
