Iron Mountain Enters Into an Agreement to Expand Data Center Footprint to India With Joint Venture With Web Werks, Entering Mumbai, Pune and Delhi NCR
Iron Mountain Incorporated (NYSE:IRM), the storage and information management services company, today announced that it has entered into an 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. The first phase of the transaction is expected to close within the next 90 days subject to customary closing conditions.
Web Werks operates three Tier 3, carrier-neutral data centers, in Mumbai, Pune and Delhi NCR. This investment enables Web Werks to immediately expand its operations in its three existing markets and subsequently expand into Bangalore, Hyderabad and Chennai. Iron Mountain Data Centers is making this investment to support its existing hyperscale, network, content and enterprise customers looking to expand and scale in the rapidly growing pan-India region.
With a combined footprint of 225,000 square feet, Web Werks houses 6 worldwide Points of Presence (POPs), provides 4 megawatts (MW) of capacity, supports 6,000+ servers and supports 850+ clients. Web Werks also provides access to a robust, neutral interconnection ecosystem of carrier, content and cloud providers including over 160 Internet Service Providers (ISP) and 6 Internet Exchanges. As market leaders in hyper-connected data centers, Web Werks supports a broad base of well-known brands including: Enterprises, Banking, Financial Services, Insurance (BFSI), and Small and Medium Enterprises (SMEs) who require the ability to efficiently and effectively scale their businesses.
“This investment reflects Iron Mountain’s commitment to invest in high growth, good return global markets to continue to meet our customers’ requirements. The India data center market is projected to grow rapidly in the coming years and we are excited to be an early mover into a market where the demand is high and the supply is low,” stated Mark Kidd, Executive Vice President & General Manager, Iron Mountain Data Centers. “Web Werks has a highly respected and seasoned leadership team and we are delighted to not only support their continued growth and success, but also to provide our existing Iron Mountain data center customers access to this growing and thriving market.”