Iron Mountain (NYSE:IRM) is bulking up its core information storage business by acquiring Cornerstone Records Management, a document storage, document shredding, and data protection provider. Cornerstone maintains storage for more than 11 million cubic feet of physical documents, and the acquisition cost Iron Mountain $191 million in cash.
Iron Mountain North America President Harold Ebbighausen said in a press release that, under the terms of the new agreement, the company hopes to serve Cornerstone customers by "not only securing their records, but providing them insights and best practices on how they can manage information with less cost and risk."
The Cornerstone transaction is the latest in a string of recent acquisitions by Iron Mountain. Year to date, the storage company has enacted $100 million worth of acquisitions in Colombia, Brazil, and Peru, while also spending $220 million on acquisitions in the French and U.S. markets. Iron Mountain has more than 64 million square feet across more than 1,000 facilities in 36 countries.
Since the start of 2013, Iron Mountain has seen its price per share drop from $31.05 to $25.55, peaking at $39.54 per share in May.