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Over the past decade, Boston-based Iron Mountain Inc.–with $2.5 billion in annual revenues–has grown dramatically from being a data protection and records management enterprise serving U.S. businesses, to a global concern with operations in 35 countries. That transformation presented a new set of challenges. Overseas investment of $1.4 billion had created significant foreign exchange exposures, while a legacy holding company structure in Europe introduced significant earnings volatility. The company’s effective tax rate hovered at an intolerable 43%, given the impending consumption of the company’s NOL’s. Lastly, treasury operations and support for Europe was ineffective.

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