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US agency Iron Mountain in talks to purchase Web Werks

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MUMBAI: US information administration providers firm Iron Mountain is in superior talks to amass knowledge centre service supplier Web Werks India.

Web Werks is anticipated to draw a valuation of $180-200 million, mentioned three folks with direct information of the matter.

“Currently, Iron Mountain is doing due diligence and have signed exclusivity clause with the company,” considered one of them mentioned. “Other prospective buyers are also being explored by the investment bankers.”

Promoters of the corporate have appointed funding financial institution Deutsche Bank to search for consumers, the sources mentioned.

Nikhil Rathi, cofounder of Web Werks, nevertheless, denied the event. “The information is not true,” he mentioned in an e mail response to ET.

Spokesperson for Iron Mountain India didn’t reply to queries as of press time Friday.

“This acquisition would help Iron Mountain grow at a faster clip and will give it access to over 1500 clients,” mentioned an individual with information of the deal.

Founded in 2000, Web Werks now gives colocation and cloud providers throughout three international locations with six geographically positioned knowledge centres and factors of presence, together with Mumbai, Pune, Delhi-NCR, Dubai and Philadelphia.

Demand for knowledge centres is anticipated to soar as a result of proposed knowledge localisation rule, given the dimensions of the market.

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