This Tech CEO Says He's "Praying For Inflation," Here's Why

The CEO of Iron Mountain Inc IRM recently said that he "did my inflation dance" and "prayed for inflation" because it would benefit business and business results.

According to The Intercept, Iron Mountain CEO William Meaney told investors last month that Iron Mountain has benefited from the current economic scenario.

"If you look back at what we did in terms of pricing and revenue management, we exceeded 200 basis points in price increases during the zero inflation period. period," he told investors. "And, of course, now we've been able to take that quite significantly."

However, Meaney said the company was not taking advantage of its customers and had asked consumers to "pay more of their fair share in terms of the value we present."

Also read: Binance says global inflation is driving crypto user growth

"People are seeing what FedEx, UPS and others need to do to run their business and pass on this inflation," The Intercept quoted him as saying.

Earlier, Iron Mountain's CFO Barry A. Hytinen said that "we have very high pricing power" and that for the company, inflation is "makes it a net positive".

Hytinen added, "We care about people" about inflation, but "we have a high gross margin business, so that naturally increases the margins of the business."< /p>

Iron Mountain, a Boston-based technology company, is a data storage and management company with a current market capitalization of $12 billion.

According to its website, more than 95% of the Fortune 1000 are Iron Mountain customers.

Photo: Gerd Altmann of Pixabay

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.