Iron Mountain Unveils Industry's First Real-Time Technology Escrow Management System
Customer-Centric Portal Simplifies Intellectual Property Management
April 11, 2005
Boston, MA - Iron Mountain Incorporated (NYSE:IRM) today
announced the Iron Mountain Connect™ Escrow Management Center portal
for real-time technology escrow management. Escrow Management Center is
an online tool designed specifically to let Iron Mountain customers
manage all of their escrow needs online. Developed by the company’s
Intellectual Property Management business unit, the system is the first
of its kind in technology escrow, and is included as a core component
of all escrow services offered by Iron Mountain.
Since intellectual property, especially in the form of mission-critical
software applications, is increasingly valuable in today’s business
environment, technology escrow services are fast becoming a key
component of corporate risk management and business continuity
strategies. As an escrow agent, Iron Mountain is a neutral third party
that works with technology licensees and developers to store software
source code and other proprietary materials in escrow and make them
available when specific and predetermined release conditions have been
met – such as developer bankruptcy or product end of life. Escrow
Management Center, Iron Mountain’s new online tool for technology
escrow management, allows businesses to more efficiently manage,
protect, and leverage their core software assets, while ensuring the
availability of those assets for business continuity purposes.
Escrow Management Center is accessed through the Iron Mountain Connect
customer portal, a Web-based information management system. Significant
investment by Iron Mountain and extensive customer research by the
product management team led to the creation of Escrow Management
Center, which combines sophisticated functionality with a simple user
interface. Similar to online banking or shopping, users can access
their account 24 hours a day, 7 days a week, and avoid paperwork and
phone calls to make changes and review information, freeing users to
focus on their core business.
“My team has found Iron Mountain's Escrow Management Center to be an
invaluable tool,” explains Paul Lucchese, general counsel for Concerto
Software. The company, a leading provider of contact center solutions,
is using Escrow Management Center to develop best practices around
managing escrow agreements across the company. Lucchese adds, “With all
of the information available in one click, this tool makes it easy to
set up new agreements or add beneficiaries when Concerto Software
licenses its products.”
Director of Product Management Jennifer Brock explains, “Escrow
Management Center fundamentally changes the way escrow services are
delivered, by putting power directly into our customer’s hands. Our
customers are actually interacting with their escrow account in
real-time, not just via a downloadable form. If a customer wants to add
a beneficiary as part of the final steps in closing a licensing
agreement, or check the status of a deposit while completing an audit,
they can do that.”
With Escrow Management Center, Iron Mountain customers can view account
information such as deposit data and beneficiary enrollments, conduct
escrow transactions, produce reports and view imaged documents.
Real-time access lets users add beneficiaries quickly, verify current
relationships, and find out if deposits have been made. Having this
information at their fingertips increases response time, giving Iron
Mountain customers an edge over their competitors.
With regulatory compliance a top concern for most companies today,
Escrow Management Center gives Iron Mountain customers the instant
ability to verify all account information and provide the necessary
back up for compliance, whether internal or external. In addition,
privacy and security are cornerstones of Escrow Management Center.
Customer data is completely secure and protected, and fully backed up
to an alternate location in Iron Mountain’s own ultra-protective
underground facilities, resistant to seismic activity and other natural
disasters.
Escrow Management Center is available immediately and is part of all
escrow services offered by Iron Mountain today at no additional cost.
Although the system was built to facilitate escrow account management,
a personal account manager is still available to all Iron Mountain
escrow clients. Escrow Management Center access is set up automatically
when new escrow services are initiated with Iron Mountain. Existing
Iron Mountain customers can contact their account manager to set up
access.
About Iron Mountain’s Intellectual Property Management services:
Iron Mountain is the leading global service provider of
intellectual property management services specializing in technology
escrow and domain name records management. As the founder of the
industry, Iron Mountain has the integrity, reputation, resources, and
experience to ensure intellectual property is properly managed and
protected. Iron Mountain's Intellectual Property Management services
set the industry standard by providing quality customer service and
unmatched solutions to three-fourths of the Fortune 500. For more
information, about Iron Mountain’s Intellectual Property Management
services, please visit www.ironmountain.com/ipm .
About Iron Mountain
Iron Mountain Incorporated (NYSE:IRM) helps
organizations around the world reduce the costs and risks associated
with information protection and storage. The Company offers
comprehensive records management and data protection solutions, along
with the expertise and experience to address complex information
challenges such as rising storage costs, litigation, regulatory
compliance and disaster recovery. Founded in 1951, Iron Mountain is a
trusted partner to more than 90,000 corporate clients throughout North
America, Europe, Latin America and the Pacific Rim. For more
information, visit the Company's Web site at www.ironmountain.com
Contact:
Maria Doyle
Public Relations
Phone: (781) 964-3536
mdoyle@ironmountain.com