PE firm Samara Capital acquires a minority stake in Iron Mountain India

Seeking a partner who can help it capitalize on the country's steady embrace of information outsourcing, Iron Mountain announced today a strategic partnership with Samara Capital. The private equity firm has acquired a 45 percent stake in Iron Mountain India Pvt. Ltd. from Iron Mountain, USA for an undisclosed amount, with Iron Mountain maintaining management rights in the new partnership.

Mr. William Meaney, President and CEO of Iron Mountain said, "India presents an exciting growth opportunity for our company. We are seeing an increasing number of organizations outsource the storage and management of their business records as a means to better protect their information, save costs, and mitigate their regulatory, legal and brand risks. We are delighted to partner with Samara Capital. We have partnered with them not for their capital but rather their local knowledge and entrepreneurial skills, which we believe will allow us to greatly accelerate our growth in both the public and private sectors."

Mr. Manish Mehta, managing director of Samara Capital said, "We are pleased to partner with Iron Mountain, which has an outstanding business model and a strong value proposition to help customers reduce the costs and risks of storing and managing their information. We are seeing rapid adoption of such services in India as businesses increasingly realize the importance of mitigating legal and brand risks; complying with regulation; and managing information in a more cost-efficient manner."

Mr. Mahesh Muzumdar, recently appointed as managing director of Iron Mountain India, said, "I recently joined the company because I see tremendous potential to leverage Iron Mountain's position as a leading global provider of information storage and management services into higher growth in India. Samara Capital's vast experience and understanding of the Indian market helps us to further take advantage of one the fastest growing economies in the world."

Iron Mountain entered India in 2006 and has grown to become a leading provider of record and information management in India. It has 16 facilities across Mumbai, Delhi, Pune, Bangalore, Hyderabad, Chennai and Kolkata and employs more than 1,600 professionals. Iron Mountain India has 4.5 million cubic feet of records and more than 250,000 data tape cartridges under storage and serves more than 850 customers including leading banks, telcos, insurance companies and corporates.

Iron Mountain is an S&P 500 company and is currently ranked 726 on the Fortune 1000 list. It has more than 156,000 customer accounts, which includes more than 95 percent of Fortune 1000 companies. Iron Mountain is listed on NYSE (IRM) and has a market cap of US$ 6.5 billion (approx. INR 40,000 crore).

Source : Equity Bulls

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