Our sources were right. Iron Mountain has gone ahead and bought Mimosa Systems and its NearPoint email, file, and SharePoint archiving software.
The price is a cool $112m, the high-end of our suggested range, giving Mimosa's venture cap funders a tidy profit on their roughly $66m investment and indicating that this was no distress sale by Mimosa.
The Mimosa software will be put into Iron Mountain's Total Email Management Suite, which is powered by Mimecast technology, and provide an immediate on-premise archiving option for Iron Mountain customers, complementing the existing Iron Mountain cloud and providing an obvious NearPoint cloud extension roadmap item.
Iron Mountain also gets a combined on-premise and cloud data store it can manage and operate on for customers, giving it a pair of hooks to embed itself more strategically into its customers data management activities.
Iron Mountain already has a cloud eDiscovery product, Stratify Legal Discovery, and another roadmap item could be to integrate this with the NearPoint eDiscovery functions and provide a combined and intgrated offering.
Ramana Venkata, president of Iron Mountain Digital, the technology arm of Iron Mountain, said: “By combining Mimosa’s on-premises archive with our cloud-based technologies, Iron Mountain can now store, recover and discover digital content wherever it resides. This is a great example of the type of technology acquisition that fits well within our long-term growth strategy.”
The Mimosa team will be retained and become an integral part of Iron Mountain Digital. The president and CEO of Mimosa Systems, T. M. Ravi, will assume the role of chief marketing officer for Iron Mountain Digital, and be responsible for all marketing functions. He will also help drive strategy planning and execution. He is in a good position to encourage the future integration of NearPoint with Iron Mountain's cloud storage services.
In fact, Ravi's prepared statement said: “The Mimosa team will play a key role in the development and execution of the company’s cloud and on-premises information management strategy.” ®