Iron Mountain Inc. (NYSE: IRM) is an American corporate information management services company founded in 1951 and headquartered in Boston, Massachusetts. Record management, information destruction, and data backup and recovery services are supplied to over 220,000 customers across North America, Europe, Latin America, Africa and Asia. In 2016 more than 94% of Fortune 1000 companies use the Iron Mountain service to store and manage their information.
Iron Mountain is a S & amp; P 500 and members of the FTSE4Good index.
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History
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The company was started by Herman Knaust, who has made his fortune grow and market mushrooms. He bought an iron ore and 100 acres (0.40 km 2 ) land in Livingston, New York for $ 9,000 in 1936, needing more space to grow his product. By 1950, the mushroom market had shifted, and Knaust sought an alternative use for his mine, which he called "Iron Mountain."
Establishment and early years (1951-1970)
Knaust sees business opportunities, amid the Cold War fears, in protecting corporate information from nuclear attacks and other disasters.
The company was originally known as "Iron Mountain Atomic Storage Corporation;" it opened the first underground "bell" in 1951 and its first sales office at the Empire State Building, about 125 miles (201Ã, km) south. Iron Mountain's first customer is the East River Savings Bank, which carries copies of microfilm record deposits and duplicate signature cards in armored cars for storage at mountain facilities. In 1978, the company opened the first data storage facility on the ground.
Mid-year (1970-2000)
The first Iron Mountain iterations went bankrupt in the early 1970s and were fully acquired by Vincent J. Ryan through his ownership at Schooner Capital Corporation, Boston, Massachusetts. At the time, it consisted of original facilities in Livingston, New York and IMAR (Iron Mountain in Rosendale), a former limestone quarry and mushroom cave outside Kingston, New York. In 1980, he progressed to Rhode Island through purchases of former data storage and data storage at the National Bank (a precursor for FleetBoston) in Glocester, Rhode Island. It had many Fortune 500 clients at the time, and its revenues were in the range of $ 6 million in the early 1980s.
His breakthrough came in the mid-1980s when it convinced the Hanover Bank Manufacturer to move all its paper records from Manhattan to an on-site facility, a former mall in Port Ewen, New York. This is the first time the bar code is used by the archive management company to allow real time access to the submitted box and documents in it.
During the 1980s, the company expanded outside New York, opening facilities in New Jersey and throughout New England. In 1988, Iron Mountain expanded its reach to 12 other US markets by acquiring Bell & amp; Howell Records Management, Inc.
The company went public on January 31, 1996. In 1997, Iron Mountain became a leading escrow software company with Data Securities International (DSI) acquisition.
In 1998, Iron Mountain made its first overseas acquisition by purchasing British Data Management, Ltd. The company reported revenues of $ 423 million at the end of the same fiscal year as the acquisition.
Expansion and consolidation (2000-present)
Since 1980, Iron Mountain has grown through acquisitions. Revenue during this period increased from $ 3 million in 1981 to $ 2.7 billion by the end of 2007.
In February 2000, Iron Mountain Incorporated announced the completion of the acquisition of Pierce Leahy Corp. (NYSE: PLH) in a stock-to-stock merger of approximately $ 1.1 billion.
In 2004, Iron Mountain established a digital asset division called "Iron Mountain Digital", after the acquisition of Connected Corporation, the maker of online PC backup software. A year later, Iron Mountain Digital bought LiveVault, the online backup software provider for server data. In 2007 Iron Mountain acquired Stratify Inc., one of the larger e-discovery service providers in the production section of the Electronic Discovery Reference Model (EDRM). Businesses gained from LiveVault and Stratify Inc. consolidated into Iron Mountain Digital.
Richard Reese became CEO of the company in 1981, and he also held the position of chairman in 1995. He remained in the previous position until June 2008, when he was replaced by Bob Brennan, but he remained in the chairmanship. However, the company announced Brennan's departure in April 2011, and Reese resumed his previous title.
In February 2010, Iron Mountain acquired eDiscovery and a content-based software archiving software provider based in California, Mimosa Systems. The acquisition is also absorbed into Iron Mountain Digital.
On May 16, 2011, Iron Mountain decided to divest Iron Mountain Digital, which was acquired by search company and autonomous enterprise knowledge management firm for $ 380 million. Shortly thereafter, in August 2011, Hewlett-Packard acquired Cambridge-based Autonomy, and incorporated Autonomous operations (which included Iron Mountain Digital) into HP's enterprise software division.
On May 8, 2012, Iron Mountain expanded its high-end storage storage business through the acquisition of three archive storage companies - File House Offsite Record Storage in Fredericksburg, Virginia, and Document Systems Inc. in Columbia, South Carolina and First National Safe Deposit in Philadelphia.
On November 5, 2013, Iron Mountain announced it would close the contact center of Saint John, New Brunswick in 2014. A lot of work was transferred to Convergys.
From 1 January 2014, Iron Mountain was successfully converted into a real estate investment trust upon approval of a personal letter request from the IRS to classify steel rack structures as qualified real estate assets.
In late April 2015, Iron Mountain announced it would acquire Australia's data protection service provider, Recall Holdings, about $ 2.2 billion in cash and stock. At the end of March 2016, the Australian & amp; The Consumer Commission released a statement saying that it would not block the acquisition of Recall under an Iron Mountain deal to release most of its business in Australia. At the same time, the Canadian Competition Bureau announced that they entered into an agreement with Iron Mountain to allow acquisitions during Iron Mountain to release archive management assets in the market where it found the acquisition would limit the remaining effective competitors: Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver. The US Justice Department also agreed to allow the acquisition of Iron Mountain's provided asset management divestment records in 15 markets where Iron Mountain and Recall are two of the top three competitors - this market includes Detroit; Kansas City, Missouri; Charlotte, North Carolina; Durham, North Carolina; Raleigh, North Carolina; Buffalo, New York; Tulsa, Oklahoma; Pittsburgh; Greenville/Spartanburg, South Carolina; Nashville, Tennessee; San Antonio, Texas; Richmond, Virginia; San Diego; Atlanta; and Seattle. Finally, the UK Competition and Authority approved the acquisition pending investigation of the securities acquisition of competition in the UK. In June 2016, Competition and Market Authority determined the acquisition would create a "substantial reduction of competition" in Aberdeen and Dundee. In response to this report, Iron Mountain and Competition and the Market Authority reached an agreement in which Iron Mountain will sell its existing Recall operations in Aberdeen and Dundee (known as C21 Data Services). On May 2, 2016 Iron Mountain announced the completion of a $ 2 billion (US) merger, mostly in stock.
In 2016, Fortune magazine listed Iron Mountain at number 729 on the list of the largest publicly listed 1000 companies in the United States.
In September 2016, an unpublished record of Prince musicians, containing more than $ 200 million of recorded music and movies, was transferred to the Iron Mountain facility in Los Angeles, due to water damage and poor storage conditions at Prince's Paisley Park recording facility, at Chanhassen, Minnesota.
In December 2017, the company purchased a $ 1.3 billion Data Centers IO division, which includes four colocation data centers in New Jersey, Ohio and two in Arizona.
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Facilities
Storage locations in Dighton, Massachusetts had been a missile storage battery during the Cold War. Iron Mountain's most famous storage facility is a high-security storage facility at a former limestone quarry in Boyers, Pennsylvania, near the town of Butler in the United States ( 41.093 Â ° N 79.911 Â ° W / 41.093; -79.911 ). It started keeping records in 1954 and was purchased by Iron Mountain in 1998. This is where Bill Gates kept his Corbis photo collection in a 220-foot (67 m) cooled cave below the ground. Nearby, the US Personality Management Office hired another underground cave to store, and process government employee pension documents.
Iron Mountain has additional underground storage facilities in the United States and around the world. This saves the will of Princess Diana, Charles Dickens, and Charles Darwin. It also keeps Frank Sinatra's original recordings and master recordings from Sony Music Entertainment. Most of the more than 1,000 company storage locations are located in a warehouse space that is rented on land located near the customer.
Recognition
Security Magazine was named Iron Mountain at "Security 500" in 2008, the annual ranking of the safest 500 companies in the United States. Iron Mountain is the only industry representative in the category of business services. Published in the November issue of the magazine, the Security 500 company rankings use several metrics such as the percentage of corporate revenue spent on security. The survey tracks 16 vertical markets to serve as a benchmark for companies.
Fortune Magazine has had Iron Mountain on the list of "World's Most Admired Companies" every year from 2006 to 2011. In its category, "diversified outsourcing services", it is annually second only to Aramark. The only exception was 2006, when it was also ranked under Convergys. The industry rating reflects feedback from executives, directors, and analysts who rated Iron Mountain and its industry partners on nine reputation attributes, from investment value to quality management.
In April 2009, the Iron Mountain Recording Center for Pictures was recognized as "The Product of the Year" by the Massachusetts Network Communications Council in "Cloud Computing, Virtualization and Data Warehousing/Storage categories".
Data loss
The company has received media attention for losing or forgetting where to store customer files and data, especially tapes containing personal information like home addresses and Social Security numbers.
In 1997, a mysterious fire destroyed a warehouse off the New Jersey Turnpike (USA) in Exit 8, full of corporate documents. It's two days after the smaller fire damages another warehouse a few hundred yards away. Both buildings are owned by Iron Mountain Inc.
In May 2005, Time Warner revealed that a container containing 40 unencrypted backup records containing personal information of the current and former 600,000 employees had disappeared while being transported in an Iron Mountain van that made another 18 stops in Manhattan that day. After the loss, Time Warner began encrypting his tape, and Iron Mountain advised other clients to do the same.
In April 2006, a tape containing personal information for some 17,000 Long Island Rail Road employees was lost while transiting to the railway office, along with a tape belonging to the US Department of Veterans Affairs sent in the same vehicle.
In July 2006, a fire destroyed a six-storey corporate warehouse that was rented in London. Paper notes from 600 customers, including client files stored by some of London's leading law firms, are missing. Also destroyed were medical records of up to 240,000 patients at Chelsea Hospital and Westminster. The London Fire Brigade later concluded that the fire was caused by arson.
Also in July 2006, a small fire believed to be caused by a contractor made roof repair damaging the company's warehouse in Ottawa, Ontario, Canada.
In August 2007, the company began retrofitting unregistered vans and trucks with new security and alarm systems using storage chain technology to reduce customer data exposure to possible losses. Among other security features, the system uses radio frequency authentication and real-time tracking capabilities to help prevent the "mysterious loss" of recordings, or the actual removal of vehicles, during transit.
On November 4, 2011, a major fire hit the Iron Mountain document storage repository and headquarters in Aprilia, Italy. According to news reports, the entire building is enveloped by a fire that caused major damage to the building and, possibly, to documents and digital content stored there. About 40 employees worked in the facility but no one was hurt.
On February 5, 2014, a deliberate fire burned down the warehouse of the Buenos Aires company. At least nine firefighters were killed in the incident while seven others were seriously wounded.
References
External links
- Official website
- The Australian website
- Australian Blog
- msnbc.com video: Mining for Elvis Presley archives
- KOMO TV News Profile from Iron Mountain facility Note: Found dead a/o 29 Apr 2017
Source of the article : Wikipedia
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