Press Releases
Iron Mountain Digital launches technology escrow services in Europe
~ industry leader rolls out technology escrow services to protect IT investments in business applications in case of insolvency or contractual violation ~
March 27, 2007 - Iron Mountain Digital, the technology unit of Iron Mountain Incorporated (NYSE:IRM) and pioneer of the technology escrow industry, has launched a technology escrow services initiative.
Technology escrow is a smart and effective component of a business continuity strategy that software licensees can use to protect their mission critical applications in an ever-changing environment. Iron Mountain, with a client list that encompasses over 75% of the FTSE 100, is in a strong position to build on these relationships by offering its technology escrow services in Europe.
As the leading global provider of technology escrow, Iron Mountain Digital acts as an independent agent offering escrow services, providing software enterprises and their customers with a neutral third party to provide assurance to both sides in case an adverse event occurs. In the framework of such fiduciary agreements, software vendors can deposit a copy of their software’s source code with Iron Mountain Digital, for release to an identified licensee. This fulfills their customers’ investment security requirements protecting the customer’s mission-critical applications by assuring them access to the source code. This enables software licensees to protect their intellectual property while also adhering to their compliance and risk management policies.
In the role as an impartial third party, Iron Mountain Digital ensures the software ven-dor’s customer has access to the source code on occurrence of a release condition. Additionally, verification services are available to check the deposit for completeness, readability and correctness. A verification program recognises corrupted or damaged data and also ensures that the configuration and installation documentation can be logically followed and implemented. If a software producer experienced an agreed release condition, such as filing for bankruptcy or discontinuing development or sup-port of the software, Iron Mountain Digital will deliver the source code to the user so that it can continue to support the application and keep its business up and running. Included in all escrow services, Iron Mountain also provides customers with access to the Iron Mountain Connect™ Escrow Management Centre portal for real-time technology escrow management. This online tool is designed specifically to let Iron Mountain customers manage all of their escrow needs online.
“Companies nowadays have a huge number of business applications running in nu-merous departments such as financial, sales and marketing. At all times, they must be certain that their applications run smoothly and their investments are protected. With 25 years of escrow experience and knowledge, Iron Mountain Digital addresses precisely these needs with localised services throughout Europe. We ensure that the contractual terms of a trustee agreement are negotiated and accepted to the satisfaction of all parties. They will find a trusted partner in Iron Mountain Digital with extensive escrow experience,” explains Ian Brookes, Business Development Manager Intellectual Property Management at Iron Mountain.
Iron Mountain Digital has established a dedicated team at Iron Mountain’s London headquarters to offer its services with local service and support. In addition, Iron Mountain has storage vaults in the UK, Spain, Germany and France that are currently active with customers storing escrow materials.
About Iron Mountain Digital
Iron Mountain Digital is the world's leading provider of data backup/recovery and archiving software and services. The technology arm of Iron Mountain Incorporated offers a comprehensive suite of data protection and e-records management software and services to thousands of companies around the world, directly and through a world-wide network of channel partners. Iron Mountain Digital is based in Southborough, Mass. with European headquarters in Frankfurt, Germany. For more information, visit www.ironmountaindigital.co.uk
About Iron Mountain
Iron Mountain Incorporated (NYSE:IRM) helps organisations around the world reduce the costs and risks associated with information protection and storage. The company offers comprehensive records management and data protection solutions, along with the expertise and experience to address complex information challenges such as rising storage costs, litigation, regulatory compliance and disaster recovery. Founded in 1951, Iron Mountain is a trusted partner to more than 90,000 corporate clients throughout North America, Europe, Latin America and the Pacific Rim. For more information, visit the company's Web site at www.ironmountain.com.
