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Computerworld - Iron Mountain Inc. announced yesterday that it is buying LiveVault Corp. for $50 million in a move to bolster its electronic data vaulting services. LiveVault's online server backup and recovery service has been resold by Iron Mountain for the past five years and targets small and midsize businesses.
Iron Mountain said LiveVault, based in Marlboro, Mass., has been its largest sales channel, and the two companies have more than 2,000 customers between them.
A year ago, Iron Mountain shelled out $117 million for Connected Corp., which offered an online backup and recovery services for PCs.
Steve Duplessie, an analyst at Enterprise Strategy Group Inc. in Milford, Mass., said he believes Iron Mountain will continue to purchase similar online service companies to add technologies to bolster the company's plan to become a "one-stop shop for all external information protection and archiving."
John Clancy, executive vice president of Iron Mountain's digital business unit, said server backup and recovery has become one of the fastest growing segments of Iron Mountain's business. "So it's important for us to own the technology and intellectual property," he said.
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