Iron Mountain Inc., a Boston-based provider of storage and information management services, said Friday that it has acquired Cornerstone Records Management in a move that grows its core information storage business by adding complementary small and mid-sized organizations to its customer base.
In a press release, Iron Mountain said that it bought Cornerstone for about $191 million in cash, subject to certain purchase price adjustments.
All told, Cornerstone stores and manages nearly 11 million cubic feet of hardcopy documents across 36 leased facilities. Its geographic footprint includes Northeast and Mid-Atlantic states as well as Southern California and the Denver and Houston markets.
Iron Mountain has a real estate network of more than 64 million square feet across more than 1,000 facilities in 36 countries.
“Acquiring Cornerstone is further example of how we use targeted acquisitions to advance our business strategy,” Iron Mountain president and chief executive William Meaney said in a statement. “In our mature markets like the US, selective M&A is one way we seek to expand our market presence, grow rental revenues from our storage business and sustain the durability of our strong cash flows. Cornerstone is a high-quality business that helps us meet these goals by adding a complementary group of small and mid-sized organizations to our customer base.”
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