Major storage provider Iron Mountain said yesterday it intends to purchase Stratify, a maker of document discovery software, for about $158m (£76m) in cash.
Stratify is known for products aimed at law firms and other organisations that need to access large amounts of legal filings. Iron Mountain said in a statement that the purchase should help customers better manage and monitor such sensitive documents in an age of stricter oversight of regulatory compliance and government investigations.
Iron Mountain said Stratify will become a division of the company and its offerings will be marketed as value-added services to Iron Mountain 's customers.
Stratify's offering gives users the ability to review scanned and native electronic documents in a single application, and also features support for non-European languages, such as Chinese and Japanese, according to a company statement.
Iron Mountain officials said the deal is expected to close by the end of the year.