"sunsetting" is not a real word.
That is all, thank you.
It's weird: Gartner is now Iron Mountain's news outlet and tells us that bruised Iron Mountain is giving up on its public cloud storage and closing the business down. The beleaguered company has also set up a poison pill defence against any takeover attempts. The background here is that Iron Mountain screwed up and had to …
You sign a contract with a company and put your entire business in their hands. Then they go titsup and pass you on to some other random company. For three months. Then what? Increased charges? Reduced service quality? Anything goes. We need some sort of cloudy-bullshit icon...
Converting a business to a Real Estate Investment Trust (REIT) has, historically, not been good news. This is typically an accounting maneuver that allows the shareholders to liquidate the business by distributing the remaining assets while minimizing the taxes owed.
Usually it means that the investors have given up hope of the business ever making money and are trying to exit.
Sent to me by Iron Mountain spokesperson:-
Iron Mountain did recently notify customers of our Virtual File Store and Archive Service Platform that we are retiring these two commodity cloud-storage solutions. This decision only affects those using Virtual File Store, a low-cost cloud storage option for inactive files, and technology partners who use the Archive Service Platform as a general purpose cloud for storing their customers' data. As the Gartner report notes, public cloud service offerings like these have seen modest levels of adoption.
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Thank you IM,