ITRenew said Nov. 1 that it sold a controlling stake in the company to Zelnick Media Capital (ZMC). Financial terms weren’t announced. ITRenew, of Newark, California, provides IT lifecycle management services, including data center decommissioning, data erasure and security services. Wells Fargo Securities LLC provided financial advice while Moore & Van Allen PLLC acted as legal advisor to ITRenew. Sidley Austin LLP acted as legal advisor to ZMC.
ZMC ACQUIRES CONTROLLING STAKE IN ITRENEW Investment will Support ITRenew’s Continued Innovation in Data Security and Data Center Lifecycle Management
NEWARK, CA – November 1, 2017 – ITRenew today announced that it has sold a controlling stake in the Company to affiliates of private equity firm ZMC. Terms of the transaction were not disclosed.
Founded in 2000, ITRenew (“ITR” or the “Company”) is a leading global IT lifecycle management solutions provider, specializing in data center decommissioning and data erasure and security services. The Company’s technology-driven approach streamlines traditional data center decommissioning processes to deliver superior data and asset security, value recovery and IT sustainability. Headquartered in Silicon Valley, ITRenew’s proprietary, software-driven platform, Teraware, was built in close collaboration with the world’s leading cloud and hyperscale datacenter operators. More than 200 customers utilize ITRenew’s solutions in over 40 countries across five continents through a global network of Company-owned and operated facilities.
Upon closing of the transaction, Aidin Aghamiri will take over as Chief Executive Officer of ITRenew and founder Mostafa Aghamiri will remain involved as Chairman.
“The ZMC team values and supports ITRenew’s mission to provide the market-leading service and best-in-class products that has defined us for the last 17 years,” said Aidin Aghamiri. “We are thrilled to have a partner who will continue to champion aggressive investments in our Company and customers, and who has a proven track record of taking technology-enabled services companies to the next level of success.”
“ITRenew has incredibly strong client relationships, industry-leading service and software, and a culture characterized by entrepreneurial spirit and accelerating momentum—all critical to our investment decision,” said Andrew Vogel, Managing Partner at ZMC. “ZMC has been impressed by the Company’s growth and is committed to supporting ITR’s investments in service and innovation. The acquisition of ITRenew emanates from ZMC’s focus on the shift to cloud computing and data security as investment themes which will continue to drive growth for the Company’s services and addressable market.”
Wells Fargo Securities, LLC acted as lead financial advisor and Moore & Van Allen PLLC acted as legal advisor to ITRenew. Sidley Austin LLP acted as legal advisor to ZMC.
ZMC is a leading private equity firm comprised of experienced investors and executives that invest and manage a diverse group of media and communications enterprises. Founded in 2001, ZMC’s investment philosophy centers on operational value creation driven by targeted investment themes, deep sector expertise, and strong partnerships with industry and operating executives. ZMC approaches its investments in collaboration with management teams and has a successful track record of actively adding value to portfolio companies. ZMC is currently investing out of ZMC II, L.P. www.zmclp.com
Headquartered in the heart of Silicon Valley, ITRenew supports the data erasure and data center decommissioning needs of some of the most large-scale, data-rich, privacy-focused organizations in the world. The Company’s technology-driven approach streamlines traditional data center decommissioning processes to deliver superior data and asset security, value recovery and IT sustainability. ITRenew was designated a Visionary in the Magic Gartner Magic Quadrant for IT Asset Disposition, Worldwide and named to the 2016 Inc. 5000, finishing among the top 10 percent of all ranked companies in gross revenues.