Iron Mountain Incorporated (IRM - Free Report) recently integrated its Policy Center solution with Hyland’s (a content services provider) OnBase enterprise information platform. The new solution, Governance Rules as a Service (GRaaS), will automate retention policy application, thereby improving retention policy management for document repositories on the OnBase information platform.
Specifically, the new capabilities will combine Policy Center's cloud-based policy management platform with OnBase and match record classes with document types. Further, in a single click, it can collect appropriate retention rules in OnBase.
Amid evolving data-protection laws, managing risk and compliance can be challenging, and is a manual process, since both physical and digital records need to follow retention rules. Further, fines for non-compliance with privacy regulations, such as the California Consumer Privacy Act and GDPR, have made retaining data in perpetuity mandatory.
In fact, going by the European Data Protection Board, since the implementation of the GDPR, there have been roughly 90,000 separate data-breach notifications. Hence, amid growing importance of compliance, it will be taxing to remain updated with the ever-changing regulations.
Specifically, the solution will consistently apply and execute retention rules, and help enterprises maintain compliance with privacy and data laws.
Notably, such efforts are a strategic fit as these boost Iron Mountain’s record management business. In fact, the company’s document storage and management is a very tenable business. Moreover, Iron Mountain has enjoyed a consistent box retention rate of 98%, with more than 50% of its boxes staying in the facilities for 15 years on an average. This durable business also drives significant cross-selling synergies across different segments and delivers robust cash-flow growth.
However, amid diminishing relevance of archiving of original hard-copy documents, paper needs are shrinking at the enterprise level. This is impacting physical-storage volume. Additionally, increased adoption of alternative technologies for record storage is a key risk for Iron Mountain.
Furthermore, shares of this Zacks Rank #3 (Hold) company have declined 1.2% over the past three months, as against the industry’s growth of 1.3%.
Americold Realty Trust (COLD - Free Report) sports a Zacks Rank of 1 (Strong Buy). The Zacks Consensus Estimate for 2019 FFO per share remained unchanged at $1.29, over the past 30 days. Moreover, its shares have surged 40.3%, year to date. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arbor Realty Trust’s (ABR - Free Report) current-year FFO per share estimate has moved north to $1.33 in a month’s time. The company’s shares have gained 28.3% in the year-to-date period. At present, it flaunts a Zacks Rank of 1.
City Office REIT’s (CIO - Free Report) ongoing year’s FFO per share estimate remained unchanged at $1.23 over the past month. Additionally, the stock has appreciated 37.6%, so far this year. It currently carries a Zacks Rank of 2 (Buy).
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