Iron Mountain to Acquire LiveVault Corporation
BOSTON, Dec. 1 /PRNewswire-FirstCall/ — Iron Mountain Incorporated today announced the signing of a definitive agreement to acquire Marlborough, Mass.-based LiveVault Corporation. LiveVault is a leading provider of disk-based online server backup and recovery solutions for small and mid-size businesses and for corporations with remote offices. The acquisition strengthens Iron Mountain’s portfolio of technology solutions and makes it the largest provider of online backup and recovery services for PCs and servers.
The acquisition follows a five-year partnership between the two companies. Iron Mountain has successfully offered Server Electronic Vaulting services via a license agreement with LiveVault and has served as the technology company’s largest sales channel. Collectively, more than 2,000 corporate customers use the LiveVault technology to protect their servers.
“Joining forces with LiveVault is a natural move for Iron Mountain that extends our leadership role in the protection of our customers’ business data,” said John Clancy, executive vice president of Iron Mountain’s Digital business unit. “Server backup and recovery has become one of the fastest growing segments of our business, so it’s important for us to own the technology and intellectual property that fuels our ability to provide the best and most comprehensive backup and recovery solutions to the marketplace.”
Following Iron Mountain’s acquisition last year of Connected Corporation, the global leader in backup and recovery solutions for PC data, this latest acquisition demonstrates Iron Mountain’s continued commitment to solving the distributed data protection challenge.
Clancy continued, “Information outside of traditional datacenters is often overlooked and under-protected, leaving many companies — particularly small and medium-size businesses — highly vulnerable to data loss and disaster. By offering backup and recovery software as a service, we’re helping companies address this issue head-on, efficiently and cost-effectively.”
Bob Cramer, CEO of LiveVault, added, “We’ve had a very close and successful relationship with Iron Mountain for many years, and I can’t think of a better, more natural strategic partner. We’re very excited to bring these teams together and to integrate the award-winning LiveVault technology into a comprehensive suite of solutions for data protection. This is a win-win for our partners, customers and employees.”
Leading IT analysts offered the following commentary on the acquisition:
“The acquisition of LiveVault is just another step along the way to Iron Mountain dominating the digital records management and protection business as it has the physical information business,” said Steve Duplessie, founder and senior analyst, Enterprise Strategy Group, Inc. “I suspect you’ll see Iron Mountain continue to add technologies and companies that help them accelerate their plan to be the one-stop-shop for all external information protection and archiving, be that paper, tapes, or electronic. If anyone has the customer mindshare and trust to pull this off, it is Iron Mountain.”
“Iron Mountain has been moving aggressively to help its customers manage and protect all of their information, both physical and digital,” commented Doug Chandler, program director, Storage Software, Services and Compliance Infrastructure Research, IDC. “Our research shows that distributed data represents a special challenge regarding management and protection. With the addition of LiveVault, Iron Mountain now has both remote-server-based and PC- based data covered.”
As the largest provider of data protection and archiving software as a service, the technology arm of Iron Mountain serves thousands of corporate customers and tens of thousands of small and mid-size companies. Iron Mountain’s comprehensive data protection and e-records management solution suite includes:
* Award-winning Electronic Vaulting software and managed online data backup and recovery services for protecting at-risk, distributed data stored on PCs and remote servers, including market-leading Connected DataProtector/PC(TM) and Server Electronic Vaulting (powered by LiveVault technology). * Digital Archives, an outsourced electronic records management service for secure, legally compliant and cost-effective archiving of electronic records such as e-mail, instant messages and images. This service is complemented by Data Restoration, Electronic Discovery Support and e-Records Management Consulting.
Iron Mountain has been an investor in LiveVault since 2000 and currently owns nearly 14 percent of the company. Iron Mountain will pay approximately $42 million for the remaining share of LiveVault, valuing the deal at $50 million. This transaction is expected to close within a few days and additional information regarding this acquisition will be provided during the Company’s 8th Annual Investor Day on December 7, 2005.
About LiveVault Corporation
LiveVault offers the simplest, yet most advanced data protection available for small-and mid-sized businesses, as well as remote offices of larger corporations. Through its partnerships with Iron Mountain, IBM, BT, HP, Microsoft and others, LiveVault delivers automatic and continuous data protection (CDP), backing up server data, protecting it offsite at a secure, remote facility, archiving it, and making it immediately available for recovery 24×7. For more information, please visit http://www.livevault.com/ or call 877-VAULT-ME or 508-460-6670.
About Iron Mountain
Iron Mountain Incorporated is the world’s trusted partner for records management and data protection services. The Company’s mission is to protect its customers’ information and protect its customers through compliant information management. Founded in 1951, Iron Mountain has grown to service more than 235,000 customer accounts throughout the United States, Canada, Europe, Latin America and the Pacific Rim. The Company offers records management services for both physical and digital media, disaster recovery support services, and consulting — services that help businesses save money and manage risks associated with legal and regulatory compliance, protection of vital information, and business continuity challenges. For more information, visit the Company’s Web site at http://www.ironmountain.com/.
Investor Relations Contact: Iron Mountain Media Contacts: Stephen Golden Laura Sudnik (617) 535-4799 (617) 535-2907 sgolden@ironmountain.com lsudnik@ironmountain.com LiveVault Media Contact: Christine Eyre (508) 460-6670 x328 ceyre@livevault.com
Iron Mountain Incorporated
CONTACT: Investor Relations, Stephen Golden, +1-617-535-4799,sgolden@ironmountain.com, or Media, Laura Sudnik, +1-617-535-2907,lsudnik@ironmountain.com, both of Iron Mountain Incorporated; or Media,Christine Eyre of LiveVault, +1-508-460-6670 x328, ceyre@livevault.com
Web site: http://www.ironmountain.com/http://www.livevault.com/