Iron Mountain Focusing on High-Growth Areas, Including Cloud-Based Platform

Bill Meaney, president and CEO of Iron Mountain (NYSE: IRM), participated in a video interview in conjunction with Nareit’s REITweek: 2021 Investor Conference.

Meaney said Iron Mountain would divest its Intellectual Property Management business because although it’s very profitable, it’s not growing quickly enough.

“When we look at our overall portfolio of businesses, we’re clearly shifting our focus to be on the higher growth areas,” he said. “Over the last five years, the total addressable market that our products and services are aimed at has gone from $10 billion a year to…north of $80 billion.”

Meaney said that as a part of Iron Mountain’s Insight platform, tools allow customers to have all of their information on a cloud-based platform that’s highly secure, and this technology has been very successful due to the influx in remote work.

He also said “image on demand” has become more popular for Iron Mountain’s customers, which means rather than asking for print copies of records to be delivered to their offices, customers instead ask for records to be digitized.

“We’ve seen a big increase, which is great for the environment, it’s also great for us as those typically are higher margin businesses, and it’s actually really convenient for the customer,” Meaney said.