![]() Ī year later, Iron Mountain Digital bought LiveVault, a provider of online backup software for server data. In 2004, Iron Mountain formed a digital assets division called "Iron Mountain Digital", following the acquisition of Connected Corporation, a maker of online PC backup software. ![]() (NYSE:PLH) in a stock-for-stock merger valued at approximately $1.1 billion. In February 2000, Iron Mountain Incorporated announced the completion of its acquisition of Pierce Leahy Corp. Revenue over this period increased from $3 million in 1981 to $2.7 billion at the end of 2007. Since 1980, Iron Mountain grew through acquisitions. Expansion and consolidation (2000–present) The company reported a $423 million revenues by the end of the same fiscal year of its acquisition. In 1998, Iron Mountain made its first overseas acquisition by buying British Data Management, Ltd. In 1997, Iron Mountain became a leading software escrow company with the acquisition of Data Securities International (DSI). The firm went public on January 31, 1996. markets by acquiring Bell & Howell Records Management, Inc. In 1988, Iron Mountain extended its reach into 12 more U.S. This was the first time that bar codes were used by a records management company to allow real time access to shipped boxes and the documents inside.ĭuring the 1980s, the company expanded beyond New York, opening facilities in New York and throughout New England. Its breakthrough came in the mid-1980s, when it convinced Manufacturer's Hanover Bank to move all its paper records out of Manhattan to an above-ground facility, a former strip mall in Port Ewen, New York. It had many Fortune 500 clients at the time, and its revenue was in the $6 million range in the early 1980s. In 1980, it expanded to Rhode Island through the purchase of a former Industrial National Bank (a precursor to FleetBoston) cold site and data tape repository in Glocester, Rhode Island. At the time, it consisted of the original facility in Livingston, New York and IMAR (Iron Mountain at Rosendale), a former limestone mine and mushroom cave outside of Kingston, New York. Ryan through his holdings in Schooner Capital Corporation, Boston, Massachusetts. This first iteration of Iron Mountain was bankrupt by the early 1970s and was wholly acquired by Vincent J. In 1978, the company opened its first above-ground records-storage facility. Iron Mountain's first customer was East River Savings Bank, who brought microfilm copies of deposit records and duplicate signature cards in armored cars for storage in the mountain facility. The company was originally founded in 1951 as Iron Mountain Atomic Storage Corporation it opened its first underground "vaults" in 1951 and its first sales office in the Empire State Building, about 125 miles (201 km) south. Knaust saw a business opportunity, amidst widespread Cold War fears, in protecting corporate information from nuclear attack and other disasters. By 1950, the mushroom market had shifted, and Knaust was looking for alternative uses for his mine, which he had named "Iron Mountain."įounding and early years (1951–1970) He purchased a depleted iron ore mine and 100 acres (0.40 km 2) of land in Kingston, New York for $9,000 in 1936, needing more space to grow his product. The company was started by Herman Knaust, who had made his fortune growing and marketing mushrooms.
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