Dubai – Mubasher: Aramex has inked a definitive and binding agreement to sell Information Fort (InfoFort) to a subsidiary of Iron Mountain Incorporated (Iron Mountain), the US-based global information management services provider.
The sale of InfoFort, a records and information management provider, will strengthen Aramex’s balance sheet and enable the company to focus its operations on logistics solution services, according to a press release on Thursday.
Expected to be closed in the third quarter (Q3) of 2021, the transaction is subject to customary closing conditions, including applicable regulatory approvals.
The CEO of Aramex, Bashar Obeid, said: "Today’s sale of InfoFort is a major milestone for Aramex, which will allow the group to focus entirely on growing the group’s core logistics businesses globally."
Meanwhile, the Executive Vice President and General Manager of Global Records and Information Management at Iron Mountain, Ernest Cloutier, remarked: "This transaction allows us to build a leading platform in the Middle East, enabling us to sell our full suite of products and services to our combined customer base and future customers, including traditional products and our newer digital solutions."
