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Iron Mountain Keeps Truckin'

Iron Mountain Inc. (NYSE: IRM) is using an acquisition and a new service to remind the world that it's gone digital -- sort of (see Iron Mountain Integrates Connected ).

The records management and data protection firm is still very much about manual administration of business records (we're talking trucks, vaults, and shredders). In fact, that's what got it into hot water a couple months back, when tapes from Time Warner Inc. (NYSE: TWX) went missing on their way to Iron Mountain's facility (see A Tale of Lost Tapes).

But execs say 1,000 corporate customers in 70 countries have queued up for 9 petabytes of its digital facilities, thanks in part to its acquisition last year of Connected Corp. for $117 million (see Iron Mountain Gets Connected).

Services like online backup for PCs, digital records management and archiving, and now compliance assessment will account for roughly $75 million to $80 million in sales for all of 2005, execs say. While that will be just about 4 percent of projected sales, Iron Mountain expects next year's digital business to grow 35 percent (see Iron Mountain Reports Q4).

Hence, today's announcement. "It's sort of a coming-out party for the digital business at Iron Mountain," says John Clancy, the former COO of Connected who is now executive VP of Iron Mountain's digital services unit.

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