Iron Mountain acquires OEC Records Management strengthening leadership position in India market
Iron Mountain Incorporated®, the global leader in storage and information management services, today announced the acquisition of OEC Records Management, providers of records management, imaging services and offsite storage of media, expanding its presence and strengthening 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.
From its beginning as an active file handling company in 1929, OEC has grown into one of India’s leading records and information management companies with services like records management, document imaging, secure destruction and offsite media storage. OEC is known to be a One-Stop shop for managing records from inception to destruction. It specializes in undertaking complete assignments of implementing Document Life-cycle Management Systems on a Turnkey basis. OEC has a strong customer base with reputed Private and Public Sector Banks.
Speaking 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.”
Gupta further added, “Our current expertise and leadership in services extends to established and growing market sectors like banking & insurance, telecom, financial services, IT/ITES and manufacturing while positioning us to expand into public sector undertakings (PSU) and government projects as well. We look forward to maintaining the high levels of service that OEC’s customers expect for their records management and offsite storage needs.”
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.
“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. “In these markets, we look to expand our market leadership by acquiring local companies who share our focus on best-in-class service delivery, trust and security. This enables us to support our regional, national and global customers; enhance returns as we integrate OEC into our regional business; and ensure we are well-positioned to capitalize on the global trend of information management outsourcing.”