Iron Mountain
June 27, 2011 – 3:02 pm
Business profile
Iron Mountain Incorporated is a company involved in storage services and information protection. The Company provides solutions to data protection and records management. It helps in detecting and solving challenges in complex information like rising storage costs, litigation, regulatory compliance and disaster recovery. The Company has various customer including banking, commercial, legal, healthcare, accounting, insurance, entertainment and government organizations.
Herman Knaust founded the Company in 1951 in Livingston, NY. It has about 100,000 corporate clients in Latin America, North America, Europe & the Pacific Rim. In United States, the Company has over 90,000 corporate clients and has 86 markets outside of the US.
Iron Mountain Incorporated is registered in New York Stock Exchange under ticker IRM.
For the FY ending December 31st, 2006, the Company had total revenues of $2.4 billion, which is 13% increase compared to previous year. Service revenue and Storage revenues grew 14% and 12%, respectively in FY 2006 compared to previous year. Operating income for FY 2006 was $407 million i.e.17% of revenue as compared to $387 million i.e. 19% of revenues, for FY 2005. Net income registered was $129 million compared to $111 million for FY 2005.
In 2007 it ranked 67th in InformationWeek 500 for year 2007 which is a listing of innovative users of IT in the US.
The Company’s operates through following three core service categories.
• Records Management – Company provides several specialized services for regulated industries and vital records such as energy healthcare, and financial services.
• Data protection & recovery – Data protection & recovery services provides several online backup services and recovery solutions for computers, desktop and laptop both and remote servers.
• Information destruction – Information destruction services provides secure shredding services
Apart from these core services Company also sells several storage materials, such as magnetic media and cardboard boxes. Company also provide facilities management, consulting, fulfillment and several other outsourcing services
Following is the brief overview of services offered by Iron Mountain.
• BRM (Business Records Management): The Company utilizes an inventory management and an order processing system which is called the SafekeeperPLUS. This system efficiently stores and helps in retrieval of customer cartons.
• HIS (Healthcare Information Services): HIS primarily include storage, the handling, filing, retrieval, processing of medical records. These records are used by private practitioners, hospitals and medical institutions. It also includes project work which is recurring like removing aged patient files onsite & indexing of computerized file and services related to ancillary which includes information release of medical record, contract coding, temporary staffing, imaging and facilities management.
• VRS (Vital Records Services): Vital records include irreplaceable or critical data like video recordings and master audio, films etc. The Company provides security and environment with climate-control for vital records.
• Protection of Physical Data & Recovery Services: It consists of the storage and backup rotation of computer media. This forms part of disaster recovery for corporate and plans related to business continuity. The Company uses various IT systems like MediaLink & SecureBase for managing this process.
• Service & Courier Operations: It is an integral to records management related to physical media which includes electronic and paper. Services include adding storage records, temporary record removal from storage, refiling records, permanent deletion from storage, record destruction and back-up rotation media. Service processes are controlled by the SafekeeperPLUS system and SecureBase and the MediaLink manages the data protection process. Courier operations includes delivery and pickup of records upon request. The Company was utilizing almost 3,000 owned or leased vehicles by Dec’2006.
• Secure Shredding: It is an beyond records management services. It helps in completion of the life cycle of a record. It involves shredding of sensitive document of corporate clients. The company offers secure shredding to existing customers in records management markets which covers United States and Canada. The Company in December 2005 acquired SDL (Secure Destruction Limited) which is secure shredding services provider in the United Kingdom.
• Electronic Vaulting Services: It is Web-based services. It automatically creates backs up of server data or accesses directly from computers through the Internet & stores in data centers of the Company.
• Digital Archiving Services: The company services include archiving digital data from long-term perspective with help of preservation requirements. Typical records in digital include e-statements, e-mail, images, e-documents for compliance or legal purposes & other business transactions.
• Intellectual Property Management Services: It specializes in 3rd party escrow services that help in protection of assets in intellectual property like software source code. Also it assists in protecting intellectual property which is as collateral for investments & JV, lending, domain name management, transfers & registrations
• Products & Complementary Services: The Company offers various additional services which include creating inventory of records, packing records and creating indices of files and documents. The Company also helps in management of active records.
• Other complementary services include professional consulting services and fulfillment services. Wholly owned subsidiary i.e. COMAC, Inc. (COMAC) provides fulfillment services. COMAC stores client’s marketing literature & delivers it to trade shows, sales offices and prospective customers’ sites. Also, COMAC assembles customized marketing packages.
The Company also provides consulting services to clients / customers and help them to develop & implement records and information management programs. The Company sells software licenses to customers who prefer an onsite solution.