Iron Mountain Acquires OEC Records Management, Significantly Expanding Service Offerings in India
Company continues to execute on strategy to expand presence in emerging markets through acquisition
Iron Mountain Incorporated® (NYSE: IRM), the global leader in storage and information management services, today announced the acquisition of OEC Records Management, providers of records management, imaging services and offsite storage of media, expanding its presence in India. The acquisition adds 16 facilities in 10 cities and 3.6 million cubic feet of storage. Total consideration was approximately $18 million.
“OEC is one of the leading providers in India, with a strong reputation for service that dates back to 1929,” said Ernest Cloutier, executive vice president and general manager, International for Iron Mountain. “This acquisition gives us an opportunity to strengthen our presence across the country, expanding our service footprint to new regional customers while also enabling us to serve Iron Mountain customers in India. We look forward to maintaining the high levels of service that OEC’s customers expect for their records management and offsite storage needs.”
From its beginnings as an active file handling company in 1929, OEC has grown into one of India’s leading records and information management companies, with services for records management, document imaging, secure destruction and offsite media storage.
“The acquisition of OEC aligns with our stated objective for growing our presence in emerging markets like India,” said William Meaney, president and CEO of Iron Mountain. “In these markets, we look to expand our market leadership by acquiring local companies who share our focus on best-in-class service delivery, trust and security. This enables us to support our regional, national and global customers; enhance returns as we integrate OEC into our regional business; and ensure we are well-positioned to capitalize on the global trend of information management outsourcing.”
About Iron Mountain
Iron Mountain Incorporated® (NYSE: IRM) is the global leader in storage and information management services. Trusted by more than 230,000 organizations around the world, Iron Mountain’s real estate network comprises more than 85 million square feet across more than 1,400 facilities in 53 countries dedicated to protecting and preserving what matters most for its customers. Iron Mountain’s solutions portfolio includes records management, data management, document management, data centers, art storage and logistics, and secure shredding, helping organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information. Founded in 1951, Iron Mountain stores and protects billions of information assets, including critical business documents, electronic information, medical data and cultural and historical artifacts. Visit www.ironmountain.com for more information.