Industry's 1st Real-Time Escrow Management
« on: Apr 12th, 2005, 11:05am »
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™ 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.”
For complete press release or more information, about Iron Mountain’s Intellectual Property Management services, please visit www.ironmountain.com/ipm.