Leading UK software maker Autonomy has agreed to buy key components of data-management company Iron Mountain's digital division.
The $380m (£234m) acquisition, announced on Monday, covers Iron Mountain's archiving, eDiscovery and online backup portfolio. In addition to the technology, Autonomy will pick up around six petabytes of data, on top of the 19PB it already manages for existing customers. In the process, it will take on 6,000 customers from Iron Mountain.
Processing customer data in the cloud continues to be a strategic part of Autonomy's information governance business.– Mike Lynch, Autonomy
"Processing customer data in the cloud continues to be a strategic part of Autonomy's information governance business," Mike Lynch, group chief executive at the infrastructure software provider, said in a statement.
"We look forward to extending regulatory compliance, legal discovery and analytics to a host of new customers as well as enabling the intelligent collection and processing of non-regulatory data from distributed servers, PCs and especially tens of millions of mobile devices," he added.
Boston-based Iron Mountain's digital escrow and medical record archive services are not part of the agreement, nor are other smaller operations that were recently shut down by the company.
Autonomy was founded in 1996 with a combination of technologies originally developed at Cambridge University. It specialises in producing tools for automating the analysis of unstructured data within the enterprise, and its technology is resold by companies such as Oracle and HP under their own brands.
The company estimates that it will undergo restructuring costs of $10m over the two quarters that follow completion of the buy.
In April, Iron Mountain retreated from cloud storage when it stopped accepting customers for its Virtual File Store online archiving service. In a statement, the company said the sale of some of its assets to Autonomy is part of its "strategic agenda".
"Recently, the digital business faced a number of challenges resulting from a rapidly changing environment. In light of these factors, [Iron Mountain] undertook a strategic review of the digital business beginning last fall and concluded that it could not continue investing in technology development and meet its return requirements," the company said.
The purchase is subject to regulatory review and closing conditions, and is expected to be completed around 15 July.
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