The Stack Archive News Article

Iron Mountain acquires Credit Suisse data centres in London and Singapore

Fri 6 Oct 2017

U.S.-based information management firm Iron Mountain is acquiring two data centres from Credit Suisse.

The deal went through for around $100 million (approx. £76 million), and adds a London and Singapore data centre to Iron Mountain’s portfolio.

This is the company’s first data centre acquisition outside of the U.S. and will increase its square footage by around 273,000 sq. feet. As part of the contract, Credit Suisse will enter into a long-term agreement with Iron Mountain to maintain its existing data centres.

As Iron Mountain’s first international data centre acquisition, and coming shortly after the close of its acquisition of Denver-based data centre firm Fortrust, the deal signals the company’s intention to expand. It states that its portfolio provides services through its data centres to industries that need secure, reliable and compliant data storage.

Providing an extra 14 megawatts in total, of which 4.2 MW will be leased back to Credit Suisse, the data centres measure 120,000 sq. feet and 153,000 sq. feet, in London and Singapore respectively.

The London facility will be located in the Slough Trading Estate, and the Singapore site in Serangoon, both providing access to large power networks and in areas with a high density of enterprise businesses.

Iron Mountain president and CEO, William L. Meaney, said: “With these acquisitions – our first outside of the U.S. and the agreement coming just weeks after the acquisition of the Fortrust data centre, we are continuing to expand our global data center capabilities to better serve our customers seeking the high levels of security, customer service and compliance that Iron Mountain delivers.

“The demand for, and growth in, our data center offerings has been consistent and strong, drawing customers in highly regulated industries.”

The centres have been designed to be compliant with the highly regulated financial services market, an important industry in both London and Singapore. The transaction is expected to be completed by the first quarter of 2018, and is subject to customary closing conditions.

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