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Dubai-based courier, Aramex will sell Information Fort (InfoFort), a records and information management provider to a subsidiary of Iron Mountain Inc, the US-based global leader of information management services.
Upon completion of the transaction, Aramex will cease to be a shareholder in InfoFort, the DFM-listed company said in a statement Thursday.
The divestment will strengthen Aramex’s balance sheet and result in a more focused group, consistent with management’s long-term strategy to focus its operations on the core logistics solutions services, the company said.
InfoFort, founded in 1997 and headquartered in Dubai, is one of the largest information management solutions providers in the Middle East, North Africa and Turkey (MENAT) region.
The acquisition of InfoFort is subject to customary closing conditions, including applicable regulatory approvals. Aramex said the impact of the deal would be reflected in the third quarter of 2021.
Commenting on the sale, Bashar Obeid, Chief Executive Officer of Aramex, 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.
Ernest Cloutier, Executive Vice President and General Manager of Global Records and Information Management at Iron Mountain said: “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.”
(Writing by Brinda Darasha; editing by Seban Scaria)
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