Iron Mountain Launch Invoice Unit in Europe

Iron Mountain Launch Invoice Unit in Europe

Purchasing InsightIron Mountain Inc (IRM.N), which offers companies archiving and online data storage, launched a new invoice management unit on Wednesday, saying it aims to employ 550 people in Europe during the next three years.

The Boston, Massachusetts-based company aims to win new business by offering digital invoice management to companies across Europe as costs of handling invoices are high and e-invoicing has not picked up due to the lack of standards.

“There is a huge potential here … especially in financial services and retail we see a very big market,” Bettina Wonsag, chief of the new unit, told Reuters.

Iron Mountain said its market studies show companies are unaware of the true costs of handling invoices, and shy away from e-invoicing due to its complexity.

Only 4 percent of invoices are transferred electronically in Europe these days, but in Germany, Britain and Spain 36 to 40 percent of large companies would introduce e-invoicing if they were a single standard, Iron Mountain said referring to its market survey.

Source: Reuters