The OEC acquisition is the third biggest acquisition made by Iron Mountain in India
Information storage and management services vendor Iron Mountain Incorporated has acquired OEC Records Management, providers of records management, imaging services and offsite storage of media. The move will expand Iron Mountain’s presence and strengthen the company’s leadership position in India. The acquisition will add 16 facilities across 10 locations, and a storage volume of 4 million cubic feet.
As a part of their strategic expansion plans, the company continues to increase its presence in emerging markets through acquisitions, and now offers a network of 73 facilities in 15 locations in India – including Mumbai, Delhi, Chennai, Bangalore, Kolkata, Hyderabad, Pune, Ahmedabad as the major centers – for the delivery of records and information management, data management and secure destruction services to more than 2,600 customers. Total consideration was approximately $18 million.
Commenting on the acquisition, Hitesh Gupta, Managing Director– Iron Mountain – India said, “OEC is one of the leading providers in India, with a strong reputation for service that dates back to 1929. With this acquisition, Iron Mountain reiterates its commitment to India market and reinforces its leadership position in the country. In response to the growing demand for outsourced records and information management services, we are poised to expand our service footprints to new regional customers while enabling us to serve existing Iron Mountain customers in India.”
“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.
Iron Mountain has been present in India since 2006 providing a range of services like Record Management & Storage, Document imaging and management, Data management and secure destruction. The acquisition of OEC Records Management is the third biggest acquisition made by Iron Mountain in the country after successful takeover of NAX and Safehouse, and the records and tape management business of ITCL in 2013.