Private equity fund Samara Capital announced here today that it has acquired a 45 per cent stake in the Indian subsidiary of storage and information management services company Iron Mountain for an undisclosed amount.
The company helps customers reduce costs and risks of storing and managing their information, Samara's Managing Director Manish Mehta said in a statement issued here.
"We are seeing rapid adoption of such services in India as businesses increasingly realise the importance of mitigating legal and brand risks, complying with regulation and managing information in a more cost-efficient manner," he said.
"We have partnered with them not for their capital, but for their local knowledge and entrepreneurial skills, which we believe, will allow us to accelerate our growth in both the public and private sectors," Iron Mountain's President and Chief Executive William Meaney said.
The US-based company entered the country in 2006 and has 16 facilities in Mumbai, Delhi, Pune, Bangalore, Chennai, Hyderabad and Kolkata, where it employs 1,600 people.
It has 4.5 million cubic feet of records and more than 2.5 lakh data tape cartridges, a statement said, adding that presently, it serves 850 clients including banks, telcos, insurance companies and corporates.
