Crossroads (CRDS) Enters $5M Deal w/ Iron Mountain (IRM); Will Develop StrongBox Technology

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Crossroads Systems, Inc. (NASDAQ: CRDS), announced it signed agreements with Iron Mountain Incorporated (NYSE: IRM) 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 technology from Crossroads. StrongBox is the first enterprise-level archive solution to leverage Linear Tape File System (LTFS) technology, featuring the scalability and economy of tape with the speed and accessibility of disk. It serves as a file-based and fully portable storage solution for long-term data retention.

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