Portal provides real-time technology escrow management.
Press Release Summary:
Iron Mountain Connect(TM) Escrow Management Center allows businesses to manage, protect, and leverage their core software assets, while ensuring the availability of those assets for business continuity purposes. Similar to online banking or shopping, users can access their account 24/7 to view account information such as deposit data and beneficiary enrollments, conduct escrow transactions, produce reports, and view imaged documents. Personal account manager is available to all clients.
Original Press Release:
Iron Mountain Unveils Industry's First Real-Time Technology Escrow Management System
Customer-Centric Portal Simplifies Intellectual Property Management
BOSTON - April 11, 2005 - Iron Mountain Incorporated (NYSE:IRM) today announced the Iron Mountain Connect(TM) Escrow Management Center portal for real-time technology escrow management. Escrow Management Center is an online tool designed specifically to let Iron Mountain customers manage all of their escrow needs online. Developed by the company's Intellectual Property Management business unit, the system is the first of its kind in technology escrow, and is included as a core component of all escrow services offered by Iron Mountain.
Since intellectual property, especially in the form of mission-critical software applications, is increasingly valuable in today's business environment, technology escrow services are fast becoming a key component of corporate risk management and business continuity strategies. As an escrow agent, Iron Mountain is a neutral third party that works with technology licensees and developers to store software source code and other proprietary materials in escrow and make them available when specific and predetermined release conditions have been met - such as developer bankruptcy or product end of life. Escrow Management Center, Iron Mountain's new online tool for technology escrow management, allows businesses to more efficiently manage, protect, and leverage their core software assets, while ensuring the availability of those assets for business continuity purposes.
Escrow Management Center is accessed through the Iron Mountain Connect customer portal, a Web-based information management system. Significant investment by Iron Mountain and extensive customer research by the product management team led to the creation of Escrow Management Center, which combines sophisticated functionality with a simple user interface. Similar to online banking or shopping, users can access their account 24 hours a day, 7 days a week, and avoid paperwork and phone calls to make changes and review information, freeing users to focus on their core business.
"My team has found Iron Mountain's Escrow Management Center to be an invaluable tool," explains Paul Lucchese, general counsel for Concerto Software. The company, a leading provider of contact center solutions, is using Escrow Management Center to develop best practices around managing escrow agreements across the company. Lucchese adds, "With all of the information available in one click, this tool makes it easy to set up new agreements or add beneficiaries when Concerto Software licenses its products."
Director of Product Management Jennifer Brock explains, "Escrow Management Center fundamentally changes the way escrow services are delivered, by putting power directly into our customer's hands. Our customers are actually interacting with their escrow account in real-time, not just via a downloadable form. If a customer wants to add a beneficiary as part of the final steps in closing a licensing agreement, or check the status of a deposit while completing an audit, they can do that."
With Escrow Management Center, Iron Mountain customers can view account information such as deposit data and beneficiary enrollments, conduct escrow transactions, produce reports and view imaged documents. Real-time access lets users add beneficiaries quickly, verify current relationships, and find out if deposits have been made. Having this information at their fingertips increases response time, giving Iron Mountain customers an edge over their competitors.
With regulatory compliance a top concern for most companies today, Escrow Management Center gives Iron Mountain customers the instant ability to verify all account information and provide the necessary back up for compliance, whether internal or external. In addition, privacy and security are cornerstones of Escrow Management Center. Customer data is completely secure and protected, and fully backed up to an alternate location in Iron Mountain's own ultra-protective underground facilities, resistant to seismic activity and other natural disasters.
Escrow Management Center is available immediately and is part of all escrow services offered by Iron Mountain today at no additional cost. Although the system was built to facilitate escrow account management, a personal account manager is still available to all Iron Mountain escrow clients. Escrow Management Center access is set up automatically when new escrow services are initiated with Iron Mountain. Existing Iron Mountain customers can contact their account manager to set up access.
About Iron Mountain's Intellectual Property Management services
Iron Mountain is the leading global service provider of intellectual property management services specializing in technology escrow and domain name records management. As the founder of the industry, Iron Mountain has the integrity, reputation, resources, and experience to ensure intellectual property is properly managed and protected. Iron Mountain's Intellectual Property Management services set the industry standard by providing quality customer service and unmatched solutions to three-fourths of the Fortune 500. For more information, about Iron Mountain's Intellectual Property Management services, please visit www.ironmountain.com/ipm.
About Iron Mountain
Iron Mountain Incorporated (NYSE:IRM) is the world's trusted partner for records management and data protection services. Founded in 1951, the Company has grown to service more than 235,000customer accounts throughout the United States, Canada, Europe and Latin America. Iron Mountain offers records management services for both physical and digital media, disaster recovery support services, and consulting - services that help businesses save money and manage risks associated with legal and regulatory compliance, protection of vital information, intellectual property, and business continuity challenges. For more information, visit the Company's Web site at www.ironmountain.com.
