Iron Mountain to invest $150 million in data centre firm Web Werks
Mumbai headquartered data centre solutions provider Web Werks announced on Wednesday that it has entered into a joint venture with Boston, Massachusetts based Iron Mountain and that the enterprise information management company will invest $150 million in primary equity over the next two years.
According to Web Werks, the deal would help the company accelerate its expansion across different Indian cities, more specifically Bengaluru, Hyderabad and Chennai, along with increasing its overall data center capacities. In turn, Iron Mountain’s data center clients would get access in these cities.
The transaction is expected to close in the next 90 days and is subject to customary closing conditions.
“The joint venture will position Web Werks among the select few data center operators with assets across all major cities and have both HyperScale and dense interconnection expertise,” Nikhil Rathi, CEO, Web Werks said in a statement.
At the end of the two year period, Iron Mountain is expected to become the majority investor in the venture.
“India provides an important next step in expanding our Asia Pacific footprint,” stated Michael Goh, General Manager Asia Pacifc at Iron Mountain Data Centers.
Web Werks, founded in 1996, currently operates three tier 3 carrier-neutral data centers in Mumbai, Pune and Delhi, whose total area is around 225,000 square feet. The company also houses six worldwide Points of Presence (PoPs) along with 4 megawatts of existing capacity.
Mark Kidd, executive vice president and general manager, Iron Mountain Data Centers, said that he expects the Indian data centre market to grow exponentially in the coming years and wants Iron Mountain to be an early mover in the market.
In August last year, Web Werks launched its fourth tier 3 data centre facility in Pune.