Thursday, December 19

Iron Mountain acquire majority stakes in Web Werks for USD 150 mn

Boston, Feb 27th, 2020: NYSE-listed data centre provider Iron Mountain acquire a majority stake in Web Werks for USD 150 million.

The acquisition will accelerate Web Werks expansion across the country and build capacity to cater to one of the fastest-growing data centre markets globally.

The transaction is expected to close within the next 90 days, subject to customary closing conditions, the statement said.

Founded by Nikhil and Nishant Rathi, Web Werks operates three tier-3, carrier-neutral data centres in Mumbai, Pune and Delhi-NCR with a combined capability of 2,25,000 sq ft. It houses six worldwide points of presence, has 4-megawatt power capacity and supports over 6,000 servers of 850 clients.

The forthcoming investment will enable it to expand operations in its three existing markets immediately and enter Bengaluru, Hyderabad and Chennai, the statement added.

The investment will let Iron Mountain data centre customers get access to three rapidly growing domestic markets, including the second-most active peering location in Mumbai.

Joining forces with the Iron Mountain data centre team will further solidify our leadership position in the country and among the broader set of global customers, Web Werks Chief Executive Nikhil Rathi said.

The proposed joint venture will position Web Werks among the select few data centre operators with assets across all major cities and have both hyperscale and dense interconnection expertise, he said.

This investment reflects our commitment to invest in high-growth, good-return global markets. The India data centre market is projected to grow exponentially, and “we are excited to be an early-mover into a market where demand is high and the supply is low”, Iron Mountain Data Centers Executive Vice-President Mark Kidd said.

India is an important next step in expanding our Asia-Pacific footprint, Michael Goh, general manager for Asia Pacifc at Iron Mountain Data Centers said, adding that it has seen a strong regional demand after opening the Singapore data centre in 2019.

Web Werks through its data centres provides access to interconnection ecosystem of carrier, content and cloud providers, including over 160 internet service providers and five internet exchanges, and is the market leader in hyperconnected infrastructure.

Iron Mountain, founded in 1951, is the global leader for storage and information management services, and with a real estate network of over 90 million sq ft across 1,450 facilities in 50 countries.