Iron Mountain Shrareholder of Crossroads

Crossroads Systems, Inc. signed agreements with Iron Mountain Incorporated that include up to $2.2 million non-recurring engineering (NRE) agreement and a $3 million investment (a purchase of 582,524 shares of Crossroads common stock) by Iron Mountain.

In addition, the two companies have agreed to explore the development of specific solutions using StrongBox from Crossroads. StrongBox is an enterprise archive solution to leverage LTFS technology, featuring the scalability and economy of tape with the speed and accessibility of disk. It serves as a file-based and portable storage solution for long-term data retention.

"Iron Mountain sees significant potential in partnering with Crossroads," said Richard Reese, chairman and CEO of Iron Mountain. "We believe that the StrongBox archive will help bring down the costs of long-term data archiving for our customers, and that combining Strongbox’s efficient use of tape technology with our industry leading offsite tape vaulting services will deliver tremendous value. Our investment in StrongBox and the related partnership reflects our commitment to bringing the most reliable and cost effective data storage solutions to our customers and fits our strategy to provide technology enabled products to market by partnering with the best technology providers."

"This agreement underscores the disruptive nature of StrongBox technology that allows organizations to archive their data at a fraction of the price they were previously paying," said Rob Sims, president and CEO of Crossroads. "Working with industry leaders such as Iron Mountain, Crossroads continues to greatly expand the reach of StrongBox technology. Iron Mountain’s investment in the NRE agreement illustrates the confidence in StrongBox’s first-of-its-kind stance within the storage industry."