Computerworld – A week after Iron Mountain announced it had replaced its CEO, the company said it’s considering selling its archiving, e-discovery and online backup and recovery business to return to its roots in document and tape storage services.

“There’s no guarantee a deal will get done because we’re still early in the process, but we have good interest. And as you can imagine these processes take a matter of a few months, before we know it will unwind itself,” said Richard Reese, who abruptly took over as CEO on April 14.

Over the past decade, the company has focused on building out its own storage software offerings in support of cloud services, but in the future it plans to use third party applications to provide those services, said Reese, who replaced Bob Brennan, who had been CEO since February 2008.

Brennan has been reassigned as a director in the company.

If Iron Mountain sells its digital business, its online backup offering that includes LiveVault online server backup service and Connected desktop backup service would go with it.

Also included in its digital business:

Digital archiving: including its NearPoint; Total Email Management Suite; and Digital Record Center for Compliant Messaging products

E-discovery: including Legal Discovery; and eVantage products

Iron Mountain would retain its service power by third-party software, such as Digital Record Center for Images, an archive for digitized copies of physical records, as well as its Digital Record Center for Medical Images, a backup and archiving solution for MRIs, CT scans and other medical images.

It would also continue to offer physical media storage (such as tape and removable disks), and its core services for paper including secure shredding.

Iron Mountain entered the digital business 10 years ago to address a clear customer need, Reese said, but that business has not been profitable.

“We’ve got good margins. The problem is, we eat them all up in the redevelopment costs,” Reese told investors. “We were not successful at building an efficient development shop. Or said another way, it just cost us too much to continue to develop and redevelop our own technology.”

Another trend affecting Iron Mountain’s decision was the cloud, Reese said, which created an unwanted atmosphere of competition.

Reese said those cloud vendors want his company to use their software technology married with Iron Mountain’s distribution channels “to get access to markets deeper than they can get into.”

“It makes no sense for us to compete with [others] that are coming into the market. We’re going to play nice with them,” Reese said. “The way that people think about iPads and handheld devices and what that’s going to mean to data, and how it’s stored, and how it’s managed, there’s a lot of shifting coming… This will create clarity.”

Iron Mountain confirmed last week it is closing its Virtual File Store services, which is targeted at archival of inactive file data, as well as its Archive Service Platform, which allows software vendors to integrate the Iron Mountain API to leverage the company’s cloud architecture.

Arun Taneja, principal analyst with The Tenaja Group, said it was a minor shareholder in Iron Mountain, Elliott Management, that forced the change in strategic direction, calling for the company to go back to its roots.

“I believe it’s very hard for companies to do both sides of this,” Taneja said. “R&D is very different from being a service provider.”

In a juxtaposition, EMC announced last summer it was shutting down its Atmos online cloud storage service because it was competing with its own resellers of Atmos software.

“They know what do best. They create products, but they don’t want to be in service provider business,” Tenaja said. “I’m not surprised Iron Mountain figured out they we’re good at services but they just didn’t know how to build products.”

An Iron Mountain spokesman told Computerworld that while Elliott Management spurred on the change, the company had been considering selling off its digital business since last fall.

Elliott Management owns about 5% of Iron Mountain’s stock.

In the future, Iron Mountain will focus on its core digital and paper document archive and digital tape storage business, and it will use third party software to provide online storage services, the spokesman said.

For example, today Iron Mountain uses Hewlett-Packard’s Medical Archiving Solution (MAS) software to manage radiological image storage. It also uses IBM’s Content Manager OnDemand as its enterprise report management software offering customers access to digitally stored bills, statements, and invoices.

“Those are examples today of how we want to provide cloud services to customers moving forward,” the spokesman said. “We’re exploring alternatives for digital business. If this process results in a sale, I don’t know if we’ll continue to store customer’s data.”

The spokesman added that if the online backup services were sold off, Iron Mountain would like to continue offering those services as a reseller, and would like to continue storing customer’s data on site.

Iron Mountain has also committed to returning to investors about $2.2 billion through 2013, including about $1.2 billion of capital returned over the next 12 months through a combination of share repurchases and dividends.

Lucas Mearian covers storage, disaster recovery and business continuity, financial services infrastructure and health care IT for Computerworld. Follow Lucas on Twitter at Twitter @lucasmearian or subscribe to Lucas’s RSS feed Mearian RSS. His e-mail address is lmearian@computerworld.com.

http://www.computerworld.com/s/article/9216195/Iron_Mountain_going_back_to_roots_in_storage_services?taxonomyId=19&pageNumber=2

Read more about Storage in Computerworld’s Storage Topic Center.

Compliments of FileMan Research

Our unthinking embrace of these giant data centres is throttling the giddy anti-authoritarian computing dream

Imagine this. A notorious multinational is on the lookout for new business. For the sake of argument, let’s imagine it’s Lockheed Martin, the defence, security, and “advanced technology” corporation that has lately been seeing to the census. From somewhere in their R&D division comes an idea: “personal lifestyle security services” for millions across the planet. The wheeze is simple enough: sign up and hand them your personal correspondence, financial records, bank details, ID documents, and more. They’ll have all your stuff, and you’ll have a unique password whenever you want a look. And just think: more clutter shunted out of your life, leaving you to glide through the minimalist bliss of 21st century living.

You would have to be out of your mind. But this is the world we are hurtling towards, although it’s not defence conglomerates who are in charge – yet – but private technology giants. The key is cloud computing, whereby just about anything that can be digitised is stored in remote servers, leaving us to access it from wherever we fancy. If you have a Gmail or Hotmail account, you’ll already be a practised cloud user. Two years ago, David Cameron suggested that Google and Microsoft might be involved in the cloud-based storage of people’s NHS records; now the Department of Health appears to have plans for exactly that. In 2009 the worth of cloud computing was put at $58.6bn; by 2013 it’s forecast to reach $150.1bn.

The new world is, of course, less a matter of clouds than data centres: huge impersonal sheds in which servers whirr away, while millions log in and out – a turnabout with an intriguing circularity. Up until the late 20th century the history of the industry was partly the mass transfer of data from hulking mainframes to ever smaller personal computers. Now the momentum is in the other direction, and what you might think of as digital centralism is back, in a world awash with prying governments, hackers, corporations that seem as prone to skulduggery as they ever were – and terrorists who may well eye data centres as mouthwatering targets.

So why aren’t we worried? Inspired branding undoubtedly does its work. First, there is the term “cloud computing” itself, whose uncertain etymology is less important than its implicit suggestion of an innovation with all the unremarkable ordinariness of the weather. Consider also the cuddly, kids’-TV-esque Google logo, or the way that so much of the Microsoft brand is synonymous with the humanitarian work of Bill Gates. All this chimes with a culture in which, as supposedly maverick organisations get ever closer to government, mass trust in their operations still seems to know no bounds – even when such revelations as the iPhone’s surreptitious tracking of its users’ movements point to slightly more on their minds than the breezy convenience of their customers.

While we’re here, take note: all messages on Gmail are automatically scanned so Google knows where to place any relevant ads – and deleted messages and accounts “may take up to 60 days to be deleted from our active servers and may remain in our offline backup systems”.

Inevitably, hacking into stuff stored in the cloud is a global pastime, with its own grim star system. Earlier this month, for instance, a very unpleasant Californian named George Bronk was jailed for six years for rifling through Gmail and Yahoo mail accounts belonging to women and girls (some of them British), and sending any revealing pictures he found to all their Facebook contacts. Meanwhile the world’s more authoritarian states know exactly what the cloud allows them to do: in late 2009, for instance, Google’s servers were breached by Chinese hackers, presumed to be under government orders, who tried to break into the email accounts of human rights activists.

We all know how even democratic states tend to view the kind of informational riches that the cloud contains. Our own Regulation of Investigatory Powers Act is in the process of being partly reformed, but even more invasive data-gathering powers seem in the pipeline. In the US, whether to drop or renew provisions in the infamous Patriot Act is currently the subject of a noisy debate – but extensive powers to pry into data and communications will remain. (In Canada this has fed into a fascinating debate about public and private sectors using US-based cloud services, and thereby leaving people open to American surveillance.)

There is, perhaps, a worrying time lag at work here. The computer industry came of age in the 1990s, that giddy phase of American and European history when authoritarianism was assumed to be on the wane. For sure, it’s still nice to live in a liberal democracy, but given that the world has since moved in no end of sinister directions, isn’t our unthinking embrace of the cloud (and just to recap: our medical records could soon be up there) an ill-advised throwback? And what of the long view: looking ahead 50 years, how certain are we that the surveillance state will not have extended its tentacles; that nasty, illiberal politics will not be all the rage; or that Google, Microsoft et al will not have learned dangerous new tricks?

Right now, I think of the hyper-connected activists behind UK Uncut, or the ongoing anti-fees protests, or the other campaigns over which our spooks presumably keep watch, and feel a pang of unease. This cloud, I fear, may yet turn very dark indeed.

Read more at: http://www.guardian.co.uk/commentisfree/2011/apr/25/hackers-spooks-cloud-antiauthoritarian-dream
Compliments of FileMan Research

It took nearly a century after the invention of the telephone for the Supreme Court to recognize that the Fourth Amendment could be applied to the content of private telephone conversations. Today, the Internet is in a similar state of limbo, with courts reluctant to grant Fourth Amendment protection to data placed in a medium that has been perceived as inherently public in nature. This perception has begun to shift as Internet technology becomes faster, more widespread, and more mobile. “Cloud computing” is the trendy phrase used to describe this change. Rather than merely a medium of mass communication, the ethereal Internet “cloud” is now used as a virtual platform for storing and interacting with data that are intended to remain private yet accessible anywhere. Although some courts have recently recognized limited protection for e-mails and text messages, these narrow holdings are not universal. The third-party doctrine further complicates the issue when content and quasi-transactional data are being stored by cloud service providers.

This Note argues that because the Internet has evolved to allow new uses, data placed in the cloud merit some level of Fourth Amendment privacy protection. Fourth Amendment protection requires a subjectively reasonable expectation of privacy. Because limited means exist to conceal virtual containers in the cloud, methods such as encryption and password protection should be analogized to virtual opacity rather than the lock-and-key analogy that has been dismissed by some scholars. Finally, courts should acknowledge the landlord-tenant nature of the relationship between the cloud service provider and the user, and thus the use of cloud platforms should not create a categorical waiver of Fourth Amendment protection under the third-party doctrine.

Published in Minnesota Law Review, June 2009, Volume 93, No. 6

http://www.minnesotalawreview.org/content/note-defogging-cloud-applying-fourth-amendment-principles-evolving-privacy-expectations-clou

Compliments of FileMan Research

Iron Mountain Inc. (IRM), the document- storage company that was pressured by Elliott Management Corp. to change its strategy, is persuading the bond market it can reward shareholders without harming its creditworthiness.

The company’s $300 million of 8 percent notes due June 2020 rose for the first time in six days yesterday, gaining 0.25 cent to 103.5 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Iron Mountain Chief Executive Officer Richard Reese assured debt investors yesterday the Boston-based company’s leverage would face no more than a “slight increase” as it returns $2.2 billion to shareholders through 2013. Last month, hedge fund Elliott Management called for a review of Iron Mountain, citing a loss of shareholder value from parts of its international and digital businesses.

“The sources of the funds are coming, by and large, from operations, free cash flow, as well as from a slight increase in our leverage,” Reese, 65, who led the company between 1981 and 2008 and resumed that role last week, said in a conference call. “I want to be real clear to the debt markets who might be listening, or hopefully are listening, we’re talking about going from a little under 3 times leveraged to 3.5.”
12-Month Return

The return to shareholders in the next 12 months will be $1.2 billion, including “potential one-time dividends,” in addition to quarterly distributions and share buybacks, Iron Mountain said in a statement on April 19.

The 8 percent notes fell to 103.25 cents on the dollar that day to yield 7.46 percent, Trace data show. The debt traded at 107.6 cents with a 6.92 percent yield on March 2, Trace data show.

The average B rated security yields 7.38 percent, according to Bank of America Merrill Lynch index data. The senior subordinated notes from Iron Mountain are graded B1 by Moody’s Investors Service and B+ by Standard & Poor’s, according to data compiled by Bloomberg.

Investors were concerned the company might take on more debt to make payouts to fend off pressure from shareholders, said Sabur Moini, a money manager who oversees more than $2 billion of high-yield debt at Los Angeles-based Payden & Rygel, including bonds from Iron Mountain.
‘Not Bondholder-Friendly’

“Whenever news like this comes out, it’s bad for the bonds because the expectation is that the company to save itself will have to do something that’s not bondholder-friendly,” Moini said. “It probably makes sense to take in more information and not be one of the first to sell at a low print,” he said on April 19.

Iron Mountain initially adopted a so-called poison-pill provision, meant to keep dissident investors from gaining control of it. Last week, Bob Brennan resigned as CEO, and the company said in an April 19 statement it plans to sell parts of its digital unit and return cash to shareholders.

Iron Mountain also said it’s setting up a committee to explore conversion into a real estate investment trust as part of an agreement with Elliott Management. REITs must pass on at least 90 percent of their annual taxable profit to shareholders through dividends.

New York-based Elliott Management, run by Paul Singer, has said it owns “slightly under” 5 percent of Iron Mountain’s stock.

As part of its agreement with Elliott Management, Iron Mountain also agreed to nominate Allan Loren, one of the company’s four candidates, to its board at the 2011 annual meeting, scheduled for June 10. Elliott Management agreed to withdraw its other nominees at the event, Iron Mountain said.
Underground Facility

Iron Mountain, founded in an underground facility near Hudson, New York, in 1951, stores and maintains materials for clients, including records, electronic files, medical data and e-mail, according to its most recent annual report. It works with more than 150,000 corporations in North America, Europe, Latin America and Asia Pacific.

The company, which had $2.9 billion of long-term debt as of Dec. 31, went public in 1996 and joined the S&P 500 Index (SPX) in January 2009, according to the filing.

Iron Mountain’s $548 million of 8.375 percent bonds maturing in August 2021 also rose yesterday after falling since April 14, Trace data show. The debt climbed 1.5 cents to 106 cents on the dollar to yield 7.5 percent, the data show.

Before yesterday’s call, S&P, which assigns Iron Mountain a BB- grade, changed its outlook on the company to “negative” from “stable,” according to an April 19 note.
‘Financial Risk’

“We expect the company will have to raise new debt and draw under its revolving credit facility to finance the entire planned $2.2 billion,” S&P analysts Tulip Lim and Andy Liu wrote in the note. “The transaction will raise financial risk amid uncertainty as to financing terms.”

The payouts could increase the company’s debt to earnings before interest, taxes, depreciation and amortization to more than five times from the “low” four times area now, the analysts wrote. A debt to EBITDA ratio above 5.5 times would spur a downgrade, they wrote.

“More leverage makes bondholders increasingly uncomfortable,” said Andrew Wittmann, an analyst at Robert W. Baird & Co. in Milwaukee.

The company’s target leverage of 3.5 times looks “about right,” said Wittman, who has a “neutral” rating on the stock. “Shareholders feel very comfortable there, and I feel like bondholders should feel pretty comfortable as well,” he said.
Credit Swaps

Credit-default swaps on Iron Mountain’s subordinated bonds fell after soaring on April 19 to the highest since September, according to data provider CMA. The contracts, which typically rise as investor confidence worsens and fall as it improves, fell 7 basis points to 418.9 yesterday, CMA data show.

Default swaps pay the buyer face value if a borrower fails to meet its obligations, less the value of the defaulted debt. A basis point equals $1,000 annually on a contract protecting $10 million of debt.

“Some could even argue we’re under-levered,” Reese said on the conference call. “We think we’re appropriately levered at this space, given where the business is and given the amount of capital we’re talking about and we think this is the right thing to do. But this is not coming from a big leverage up for the business at this stage.”

To contact the reporters responsible for this story: Sapna Maheshwari in New York at sapnam@bloomberg.net; Danielle Kucera in New York at wkoenig@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net Tom Giles at tgiles@bloomberg.net

Compliments of FileMan Research

(Corrects story that ran April 19 to show Iron Mountain is considering selling only parts of its digital business.)

Iron Mountain Inc. (IRM), the world’s largest document storage company, said it will return cash to shareholders and may sell parts of its digital unit after pressure from hedge fund investor Elliott Management Corp.

Iron Mountain also agreed to consider converting to a real estate investment trust, a move that Elliott encouraged, Iron Mountain said in a statement today. One of Elliott’s nominees will join the Iron Mountain board, staving off a proxy fight in which the fund manager run by Paul Singer had sought four seats.

The New York-based hedge fund, which owns less than 5 percent of Iron Mountain, called for a review of the storage company’s strategy, operations and capital in a statement March 10, saying the company’s stock could more than double to $77 a share if it converted to a REIT and implemented its other proposals.

“Investors should be pleasantly surprised that the return of capital is quite significant,” said Andrew Wittmann, an analyst at Robert W. Baird & Co. in Milwaukee, who is neutral on the stock. “The 12-month plan is pretty aggressive, so they’re going to have to start pretty soon.”

The document-storage company plans to return about $1.2 billion to shareholders during the next 12 months through stock repurchases and dividends and distribute about $2.2 billion through 2013, according to the statement. Iron Mountain took most of Elliott’s suggestions, Wittmann said.
Digital Business

Iron Mountain, based in Boston, provides business storage and maintains documents including records, electronic files, medical data and e-mail. Iron Mountain’s effort to expand its international and digital businesses hasn’t been profitable enough, Elliott said in March.

Iron Mountain rose $1, or 3 percent, to $34.90 as of 4:15 p.m. in New York Stock Exchange composite trading. It has risen 33 percent since March 9, the day before Elliott called for a strategic review of the company.

“We strongly support the board of directors’ plan to increase stockholder value with the actions announced today,” Ken Charles Feinberg, co-portfolio manager at New York-based Davis Selected Advisers LLP, Iron Mountain’s largest investor as of March with a 21 percent share, said in the statement.
‘Strategic Alternatives’

Iron Mountain’s management “concluded that the company could not continue investing in technology development and meet its return requirements and that exploring strategic alternatives for the digital business was in the best interest of Iron Mountain’s stockholders,” according to the document- storage company’s statement. Options include a potential sale of the company’s digital archiving and online backup services.

Less than two weeks after Elliott’s proposal, Iron Mountain adopted a so-called poison-pill provision, meant to keep investors from gaining control of the company. The shareholder- rights plan was a reaction to “extraordinary trading activity” in the company’s securities, said Stephen Golden, vice president of investor relations at Iron Mountain.

Last week, Iron Mountain Chairman Richard Reese took on the chief executive officer role after Bob Brennan stepped down as president and CEO.

As part of its pact with Elliott, Iron Mountain today agreed to nominate Allan Loren, one of Elliott’s candidates, to its board of directors at the 2011 annual meeting, scheduled for June 10. Elliott agreed to withdraw its other nominees for the board at the event, Iron Mountain said.

Constantin R. Boden, a board member for more than 20 years, is retiring, according to the statement. The company will work in tandem with Elliott and Davis Selected Advisers to fill the position with an independent candidate, Iron Mountain said.

Iron Mountain’s board plans to form a committee, chaired by Reese, to evaluate ways to maximize value through alternative financing, capital and tax strategies and will make the analysis of a REIT conversion “first priority,” the company said.

J.P. Morgan Chase & Co. and Morgan Stanley (MS) are serving as financial advisers for Iron Mountain, and Weil, Gotshal & Manges LLP and Sullivan & Worcester LLP are serving as legal advisers. Paul, Weiss, Rifkind, Wharton & Garrison LLP is the legal adviser to Elliott.

To contact the reporter responsible for this story: Danielle Kucera at dkucera6@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

Compliments of FileMan Research

Bob Brennan steps down as CEO, resigns as director Davis Advisors expects co to exit digital business

Shares up 5 pct at 3-yr high (Adds response from largest shareholder; company background)

By Himank Sharma

BANGALORE, April 14 (Reuters) – Iron Mountain Inc’s move to bring back its chief executive of three decades will likely help the document storage company change its loss-making digital business strategy, its largest shareholder said.

Tuscon-Arizona based money manager Davis Advisers, which holds over 21 percent of Iron Mountain, said the company’s board had consulted it before bringing back Richard Reese, following shareholder dissent over the company’s operational spending.

“I’ve met Richard several times. They have taken a lot of feedback, and the directors have reached out to our proposal,” Ken Charles Feinberg, co-portfolio manager of Davis Advisers told Reuters.

Last month, Davis had said it will support hedge fund Elliott Management’s proposal to nominate a slate of four directors to the company’s board. [ID:nL3E7EN31K]

Reese, 65, who has been the chairman of the board since 1995, replaces Robert Brennan, who also resigned as a director of the company.

Investors cheered the appointment of Reese, who was instrumental in making Iron Mountain a dominant player in North American physical storage. Under his leadership, the company went public in 1996 and acquired local rivals later.

Iron Mountain shares rose 5 percent to a three-year high of $34.59 on Thursday on the New York Stock Exchange.

Iron Mountain began its digital records business at the height of the dot-com boom, hoping to get business from large corporations looking to store their email and instant message conversations for future retrievals.

“The foray into digital was a failure, they invested $600-700 million to grow that business and they were barely earning any money. In order to have a fresh set of eyes, the change was needed to be made,” Feinberg said.

The company had written off $283.8 million as impairment charges in fiscal 2010 for its worldwide digital business due to the sale of the domain name management product line, according to its latest annual filing.

“The board was not hundred percent pleased with company’s response to the Elliott proposal and Reese will be a strong leader,” analyst Edward Atorino at the Benchmark Co said. (Reporting by Himank Sharma and Rachana Khanzode in Bangalore; Editing by Prem Udayabhanu, Vyas Mohan)

http://www.reuters.com/article/2011/04/14/ironmountain-idUSL3E7FE20520110414

Compliments of FileMan

Company withdraws its low-cost public cloud offerings to focus on more specialized services.

By Dan Hatch, 12 Apr 2011 at 15:22
Cloud computing

When people everywhere are talking-up the benefits of the cloud, it seems almost bizarre to learn one company is abandoning some of its cloud storage services.

It has been reported this week Iron Mountain Digital, a company which has been in the cloud for little more than a year, is planning to completely phase out its online storage business by 2013.

No other major cloud storage player has ever pulled-out of the sector.

But it’s not a complete retreat. Iron Mountain has reportedly notified its customers it is only withdrawing its Virtual File Store and Archive Service Platform commodity cloud storage solutions.

That means the company isn’t competing with the massive players like Amazon and Google for a share of the low-cost public cloud storage market, and instead allows it to focus on more specialised services.

Iron Mountain is a provider of records management and storage, including paper documents, scanning and digitizing services, shredding and media destruction and intellectual property management, among other services.

The company even stores some of the world’s most valuable historical artifacts and cultural treasures.

For further coverage of cloud computing visit our sister site Cloud Pro

Read More here: http://www.itpro.co.uk/632746/iron-mountain-abandons-the-cloud

Compliments of FileMan research

Continuing its migration to digital, Eastman Kodak Company has completed the sale of certain assets of its microfilm products and equipment business to Eastman Park Micrographics, Inc.

Eastman Park Micrographics provides products and services related to archival storage, retrieval, restoration and preservation of historical documents and records in county recorder offices throughout the US.

The sale includes agreements for Kodak to continue supplying current microfilms, as well as to provide service and support for microfilm equipment. It also includes Kodak’s US data conversion services business, which converts data between analog and digital formats.

The sale does not include Kodak’s Document Imaging business,
document scanners, capture software, information capture solutions, and services.

Tony Barbeau, Kodak’s General Manager, Document Imaging, said microfilm remains unrivaled for long-term archival storage of vital records.

“Kodak is the longtime leader in this business, and we will continue to supply the same microfilm products, made in the same manufacturing facilities, and to the same high quality standards to which the industry has been accustomed,” he said.

“Eastman Park Micrographics is strongly committed to this microfilm business,” said William (Sonny) Oates, Chief Executive Officer of Eastman Park Micrographics. “We see excellent prospects for long-term growth. Eastman Park Micrographics is committed to investing in the business to support its further development. We are looking forward to the opportunity to continue providing customers with the high levels of quality and satisfaction established by Kodak.”

Kodak has previously communicated that it would be selling non-core assets to generate cash to fund the completion of its transformation to a digital company.

Read more here: http://idm.net.au/article/008344-kodak-sells-microfilm-business

Compliments of FileMan Research

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Contact Iron Mountain or call 800-899-IRON (4766).
www.ironmountain.com

Compliments of FileMan Research

Cornerstone is a leader in providing storage and management of hard copy records, document destruction services, electronic media vaulting and other related services. The firm is focused on both organic growth and acquisitions within its geographical footprint.

Cornerstone entered the market in 2008 with the acquisitions of LA Records Management, Inc and Microshred, Inc. Since then, Cornerstone has added two new facilities in California and two in the Denver area. Cornerstone expanded into the East Coast with the May 2009 acquisition of Nova Records Management. The Company further expanded its presence in the California market through its acquisition of Information Management Storage, Inc. (IMS).

Serving a broad customer base, Cornerstone provides a wide range of services including the storage and management of hard copy records, both plant based and mobile document destruction services, electronic media vaulting, and digital imaging. Cornerstone does business as LA Records Management in the Southern California area, Cornerstone Records Management in the Denver market, and Nova Records Management in the Northeast and Mid-Atlantic markets.

About Sterling Partners
Sterling Partners is a leading private equity firm with over 25 years of experience partnering with entrepreneurs to build market-leading businesses and generate superior returns. With approximately $4 billion of assets under management, Sterling invests growth capital in industries with positive, long-term trends and provides ongoing support to management through a dedicated team of industry veterans, operators, strategy experts and human capital professionals. Sterling Partners is a leader in education, healthcare and business services and is co-headquartered in Chicago and Baltimore. For more information, please visit www.Sterlingpartners.com

Cornerstone Records Management Regional Offices:
Denver Region – Phone: (303) 307-9888
Los Angeles Region – Phone: (818) 367-1771
Mid-Atlantic/NE Region – Phone: (484) 654-3540

To contact our corporate office, Email us at mhefner@cornerstone-rm.com