Cork company Wisetek has been acquired by a US firm in a multi-million-dollar deal.
Specialising in IT asset disposal, destruction and refurbishment, Wisetek was founded by Sean Sheehan in 2007. The company has grown exponentially since expanding its international footprint to include facilities in Ireland, the UK, the USA, the Middle East, and Thailand.
It has been confirmed to the Irish Examiner that the company has been acquired by Boston firm Iron Mountain who specialise in records management, information destruction and data backup.
Iron Mountain is listed on the New York Stock Exchange with a market capitalisation of $35bn (€31.3bn).
Financial details of the acquisition have not been disclosed but is understood to be one of the largest acquisitions of an Irish firm this year by value. Wisetek employs approximately 400 people worldwide and holds a number of blue-chip customers including Dell, Google, Viacom CBS, and PFH,
In 2021, the company launched an e-commerce business selling high-quality refurbished IT equipment and accessories including laptops, phones, tablets and keyboards. Its most recent accounts reported year-on-year growth in gross profits for 2023. Profit before taxation amounted to €1.2m.
A spokesperson for Iron Mountain confirmed the acquisition. “Iron Mountain has acquired Wisetek, a leading provider of IT asset disposition, data sanitisation, and reuse, headquartered in Cork, Ireland.”
“This strategic move and Wisetek’s expertise strengthens our ability to deliver innovative solutions for our customers. We look forward to working with and learning from the Wisetek team as our integration gets under way.”