IREN Limited (NASDAQ:IREN) saw its shares rise about 1% on Tuesday after the company disclosed a definitive agreement to acquire Mirantis, Inc., a specialist in cloud infrastructure and Kubernetes-based orchestration. The companies said the purchase consideration is approximately $625 million and will be paid in IREN ordinary shares.
According to the announcement, the acquisition is intended to strengthen IREN's ability to deliver AI Cloud services as it scales compute deployments for customers. The companies highlighted Mirantis' customer reach and platform capabilities as central to that objective.
Mirantis currently serves more than 1,500 enterprise customers worldwide and is identified as a founding Independent Software Vendor partner of the NVIDIA AI Cloud Ready Initiative. Its k0rdent AI platform is described as managing AI infrastructure across bare metal servers, virtual machines and Kubernetes environments.
IREN and Mirantis said the transaction is expected to improve the combined offering in four specific areas:
- Faster deployment and operation of workloads on existing bare metal GPU infrastructure.
- Improved monitoring and performance visibility.
- Expanded technical support and service delivery capabilities.
- Broader market access for enterprise AI workloads.
Under the terms described in the announcement, Mirantis will continue to operate as a standalone subsidiary. The company will keep serving its current customers while also supporting IREN's AI Cloud deployments.
In prepared remarks, Daniel Roberts, Co-Founder and Co-CEO of IREN, said: "IREN's core advantage is execution - from securing power to building data centers, deploying GPUs and bringing compute online at scale. Mirantis builds on our existing capabilities and strengthens how that compute is deployed, managed and operated for customers."
Alex Freedland, Founder and CEO of Mirantis, commented: "IREN brings infrastructure at scale and proven delivery capability. Mirantis adds software and operational expertise that strengthens how customers deploy and use that infrastructure."
The companies noted the transaction remains subject to customary closing conditions, including required regulatory approvals. No additional timing or financing details beyond the consideration structure in IREN ordinary shares were provided in the announcement.
Market participants will be watching integration progress, how Mirantis' software and services are combined with IREN's infrastructure, and any regulatory steps necessary to close the deal.