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Iron Mountain (IRM) Uses MongoDB for its New InSight DXP
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Iron Mountain (IRM - Free Report) has partnered with MongoDB, Inc. (MDB - Free Report) to take advantage of latter’s scalability and reliability, for using MongoDB Atlas as the data platform for its new InSight Digital Experience Platform (DXP). Early in August, the company announced the availability of this secure software-as-a-service (SaaS) platform.
InSight DXP, built on the MongoDB Atlas, allows customers to access, manage, govern, and monetize both physical and digital information. InSight DXP transforms the experience of information management by swiftly converting physical and digital unstructured information into structured, actionable data.
The platform features AI-driven self-service tools that streamline manual tasks, ensure compliance readiness for audits, enhance the speed of data accessibility and get data AI-ready.
InSight DXP also includes process transparency and insightful dashboards, as well as customizable workflows and reporting to serve unique customer needs.
Backed by the fully managed suite of database and data services of MongoDB Atlas, InSight DXP provides a range of pre-built, customizable solutions tailored to specific industries, such as Digital Auto Lending in banking and Health Information Exchange in healthcare, as well as cross-industry solutions like Digital Human Resources and Invoice Processing.
By utilizing MongoDB's flexible document model and scalable infrastructure, InSight DXP effectively manages the complex structures of physical and digital information across multiple industries, enabling quick ingestion and processing of diverse data types.
High growth in cloud computing, the Internet of Things, and big data and the elevated demand for third-party IT infrastructure are spurring the demand for data center infrastructure. Growth in the artificial intelligence, autonomous vehicles and virtual/augmented reality markets is anticipated to be robust in the upcoming years, providing long-term growth opportunities for data center REITs.
Amid this environment, Iron Mountain is making organic growth efforts, along with expansion projects and developments. Such moves will enable the company to capitalize on strong demand for connectivity, interconnection and colocation space and drive leasing activity.
In the second quarter of 2024, IRM reported data center revenue growth of 29.4%. It leased 66 megawatts of data center capacity in the quarter, totaling 97 megawatts in the first six months of 2024. Due to the company’s strong pipeline, management is confident to exceed its original projection of 100 megawatts and now expects to lease 130 megawatts for the year.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have rallied 35.3% compared with the industry’s upside of 12.3%.
The Zacks Consensus Estimate for Healthpeak’s 2024 FFO per share stands at $1.79, indicating a marginal increase from the year-ago reported figure.
The Zacks Consensus Estimate for Four Corner’s 2024 FFO per share is pinned at $1.72, suggesting year-over-year growth of 3%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Iron Mountain (IRM) Uses MongoDB for its New InSight DXP
Iron Mountain (IRM - Free Report) has partnered with MongoDB, Inc. (MDB - Free Report) to take advantage of latter’s scalability and reliability, for using MongoDB Atlas as the data platform for its new InSight Digital Experience Platform (DXP). Early in August, the company announced the availability of this secure software-as-a-service (SaaS) platform.
InSight DXP, built on the MongoDB Atlas, allows customers to access, manage, govern, and monetize both physical and digital information. InSight DXP transforms the experience of information management by swiftly converting physical and digital unstructured information into structured, actionable data.
The platform features AI-driven self-service tools that streamline manual tasks, ensure compliance readiness for audits, enhance the speed of data accessibility and get data AI-ready.
InSight DXP also includes process transparency and insightful dashboards, as well as customizable workflows and reporting to serve unique customer needs.
Backed by the fully managed suite of database and data services of MongoDB Atlas, InSight DXP provides a range of pre-built, customizable solutions tailored to specific industries, such as Digital Auto Lending in banking and Health Information Exchange in healthcare, as well as cross-industry solutions like Digital Human Resources and Invoice Processing.
By utilizing MongoDB's flexible document model and scalable infrastructure, InSight DXP effectively manages the complex structures of physical and digital information across multiple industries, enabling quick ingestion and processing of diverse data types.
High growth in cloud computing, the Internet of Things, and big data and the elevated demand for third-party IT infrastructure are spurring the demand for data center infrastructure. Growth in the artificial intelligence, autonomous vehicles and virtual/augmented reality markets is anticipated to be robust in the upcoming years, providing long-term growth opportunities for data center REITs.
Amid this environment, Iron Mountain is making organic growth efforts, along with expansion projects and developments. Such moves will enable the company to capitalize on strong demand for connectivity, interconnection and colocation space and drive leasing activity.
In the second quarter of 2024, IRM reported data center revenue growth of 29.4%. It leased 66 megawatts of data center capacity in the quarter, totaling 97 megawatts in the first six months of 2024. Due to the company’s strong pipeline, management is confident to exceed its original projection of 100 megawatts and now expects to lease 130 megawatts for the year.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have rallied 35.3% compared with the industry’s upside of 12.3%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Healthpeak Properties, Inc. (DOC - Free Report) and Four Corners Property Trust (FCPT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Healthpeak’s 2024 FFO per share stands at $1.79, indicating a marginal increase from the year-ago reported figure.
The Zacks Consensus Estimate for Four Corner’s 2024 FFO per share is pinned at $1.72, suggesting year-over-year growth of 3%.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.