Iron Mountain to Enter Colombian Records Storage and Information Management Market
Acquisition Will Support Strategy to Expand Leadership in Emerging Markets
BOSTON--(BUSINESS WIRE)-- Storage and information management company Iron Mountain Incorporated (NYS: IRM) , has agreed to acquire Secure Data Solutions Colombia S.A.S. and G4S Document Delivery S.A.S., the Colombian records management and data protection business of G4S, the leading global security and outsourcing firm. This acquisition represents Iron Mountain's entry into the Colombian market. Total consideration for the acquisition is approximately $54 million. The transaction is expected to close by the end of September and is subject to customary closing conditions.
Secure Data Solutions Colombia S.A.S. is the largest records management provider in Colombia, providing Iron Mountain with a solid platform for long-term country leadership. The transaction is Iron Mountain's second in Latin America this year and offers the potential for future integration benefits within the company's existing Latin American business, which includes operations in Argentina, Brazil, Chile, Mexico and Peru. With the acquisition, Iron Mountain will assume responsibility for managing Secure Data Solutions' customer records, including approximately 2.4 million cubic feet of hardcopy documents and data protection tapes.
"This acquisition aligns with our objective to grow our presence in emerging markets that have attractive growth characteristics," said William Meaney, president and CEO of Iron Mountain. "Colombia is the fourth largest economy in Latin America with strong GDP growth and an improving business environment. Our entry into this important market is consistent with our strategy to capture the initial wave of records outsourcing by acquiring local storage companies with strong records management platforms and deep customer relationships."
"Our Secure Data Solutions business in Colombia is a very successful organic growth story," said Grahame Gibson, regional CEO for G4S Americas. "The business has become the market leader as a result of strong and focused management combined with sound growth and performance over the past several years."
"Secure Data Solution's impressive expansion and solid returns have been driven by delivering trusted and dependable service to organizations throughout Colombia," said Marc Duale, Iron Mountain's president of international operations. "We welcome their employees and customers and look forward to addressing their information storage and service needs."
Secure Data Solutions operates in multiple leased facilities across Colombia in the major markets of Bogota, Cali, Medellin and Pereira. The transaction follows Iron Mountain's purchase of Archivium in Brazil in the second quarter of 2013. Year to date, the company has invested approximately $110 million acquiring records storage companies in both North America and international markets.
About Iron Mountain
Iron Mountain Incorporated (NYS: IRM) is a leading provider of storage and information management solutions. The company's real estate network of over 64 million square feet across more than 1,000 facilities in 35 countries allows it to serve customers around the world. And its solutions for records management, data backup and recovery, document management and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information for business advantage. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information.
G4S is the world's leading international security solutions group, which specialises in outsourced business processes in sectors where security and safety risks are considered a strategic threat. G4S is the largest employer quoted on the London Stock Exchange and has a secondary stock exchange listing in Copenhagen. G4S has operations in more than 125 countries and 620,000 employees. For more information on G4S, visit www.g4s.com.
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KEYWORDS: United States North America South America Colombia Massachusetts
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