Samara Capital buys 45% stake in Iron Mountain

Mumbai: Private equity firm Samara Capital on Wednesday said that it has acquired a 45% stake in Iron Mountain Inc., a provider of storage and information management services.

Samara Capital, an India-focused private equity firm which manages close to $500 million (around Rs.3,060 crore) across two funds, has so far invested close to $300 million (around Rs.1,830 crore) in India across 15 companies.

“We are seeing an increasing number of organizations outsource the storage and management of their business records as a means to better protect their information, save costs, and mitigate their regulatory, legal and brand risks,” said William Meaney, president and chief executive officer of Iron Mountain.

Samara Capital’s local knowledge and entrepreneurial skills will help Iron Mountain accelerate its growth in India in both the public and the private sectors, he said.

Manish Mehta, managing director at Samara, said that Iron Mountain has a strong value proposition to help customers reduce the costs and risks of storing and managing their information.

“We are seeing rapid adoption of such services in India as businesses increasingly realize the importance of mitigating legal and brand risks; complying with regulation; and managing information in a more cost-efficient manner,” he said.

Iron Mountain entered India in 2006 and currently operates 16 facilities across India, employing more than 1,600 professionals. It has almost 4.5 million cubic feet of records and more than 250,000 data tape cartridges under storage and serves more than 850 customers including leading banks, telcos and insurance companies.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.