Metrofile is to acquire 70% of the shares in and claims against IronTree Internet Services, with the remaining 30% to be purchased in 2024.
The total consideration for 100% of shares in and claims against IronTree will be for a minimum consideration of R80 000 000 and a maximum consideration of R140 000 000.
The effective date of the Acquisition is expected to be on or about 15 November 2021, or a later date as agreed between the parties.
IronTree provides data management services including cloud backup, disaster recovery and specialised server hosting in a private cloud. It also offers cyber-crime and ransomware prevention, ongoing privacy law compliance management, and business continuity planning services.
The acquisition complements Metrofile’s strategic pillar of accelerating its position into the provision of information management and digital services. It is expected to benefit Metrofile’s clients who are increasingly managing their information digitally and will provide them with digital back up and hosting services that support their businesses.
IronTree will strengthen Metrofile’s core capabilities in virtual storage and digital risk management. It will also provide access to products in high growth segments such as cybersecurity and digital compliance.