Iron Mountain announced the acquisition of OEC Records Management, a provider of records management, imaging services and offsite storage of media, for approximately $18 million.
The company’s third acquisition in India will add 16 facilities across 10 locations, and a storage volume of 4 million cubic feet.
William Meaney, president and CEO of Iron Mountain, said that the acquisition of OEC aligns with our objective for growing our presence in emerging markets like India.
Iron Mountain 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.
OEC specializes in undertaking assignments of implementing Document Life-cycle Management Systems on a Turnkey basis. OEC has a strong customer base with leading private and public sector banks.
“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,” said Hitesh Gupta, managing director – Iron Mountain – India.
The acquisition of OEC Records Management is the third biggest acquisition made by Iron Mountain in the country after takeover of NAX and Safehouse, and the records and tape management business of ITCL in 2013.
