Storage specialists Iron Mountain have acquired Hays’ information management services unit for £200 million. The transaction was jointly funded by Iron Mountain’s US parent group and its European joint-venture with Mentmore plc. Iron Mountain reports that the Hays acquisition adds seven new markets in the UK, Germany, Norway and Belgium.
Iron Montain chairman Richard Reese, said “The strategic acquisition of Hays IMS doubles the size of our business in Europe and our initial observations reaffirm our enthusiasm for this transaction. This transaction consolidates our position as the leader in records and information management on three continents, allowing us to better serve new and existing customers. This transaction will create opportunities for our employees and value for our shareholders.”
The acquisition comes hot on the heels of a deal between Hays and Schlumberger Information Solutions (SIS – see last month’s Oil IT Journal) which was described as ‘the industry’s first desktop-to-warehouse information management solution’.
Hays IMS reported EBITDA of £19 million for the financial year ending June 2002 and operating £13 million on turnover of £ 88 million. Turnover of £11.3 million came from Hays US unit.
© Oil IT Journal - all rights reserved.