William Meaney
President and Chief Executive Officer at Iron Mountain
Thank you, Sarah, and thank you all for taking time to join us. We are pleased to have delivered strong performance in the third quarter, reflecting our broad offerings, deep customer relationships, resilient business model and the strength of our team. This can be easily highlighted by our 7.4% total organic revenue growth. This strong overall organic revenue growth has been delivered by continued strength in our storage business as well as double-digit growth in our new and existing digital offerings, including data center, inside our digital transformation services and IT Asset Disposition, or ITAD.
Throughout the pandemic, including the most recent challenges of the Delta variant, our mountaineers around the world have truly stepped up each and every day to put our customers first with a focus on growth. I am both proud and humbled by this incredibly talented and dedicated team and what we've been able to accomplish through such a challenging time.
Today's results, including our strong organic revenue growth exceeding 7% is a direct result of their dedication in serving our customers in ways they need to keep their businesses growing. We have a lot to cover today, so I'll start with a brief overview of our results and key business drivers. During the third quarter, we reported revenue of over $1.1 billion and EBITDA of $418 million, both of which are new record highs.
Our results are fueled by increased demand for our services across key markets and continued positive momentum in the business. Our digital services and ITAD business continued to build on it's prior performance and delivered almost 20% growth in the quarter. Today, we are proud to say that 95% of the Fortune 1000 are among the 225,000 of our loyal customer base. We have a growing footprint of more than 1,460 facilities.
And with our recent expansion in the Middle East, we are now present in 63 countries and we are supported by 25,000 mountaineers across the globe. As we look ahead to future opportunities, there is no doubt the world has changed, but we're making the improvements to our business today to serve the changed needs of the world tomorrow.
That is why we have built, evolved and expanded our trusted relationships with our customers as not only the leading storage platform of physical assets, but also the business services partner to support data center colocation, information security, data insights, secure IT asset disposition and business process management.
With this focus, we have expanded our total addressable market to more than $80 billion. Together with our strong customer relationships, focus on innovation and 70-year heritage, we are operating from a unique position of strength. Now let's turn to some of the exciting events during the quarter. You'll hear us talk a lot about customer centricity here at Iron Mountain. And when we help our customers not only protect their information, but also unlock new revenue opportunities as well as cost efficiencies.
That's a big win for our customers and ultimately for us. We were proud to be featured as one of the winners of Google's first-ever Google Cloud Customer Award for Financial Services for our work with a large financial institution. This is a great follow-on award from a couple of years ago when we won their machine learning artificial intelligence partner of the year. For this award, we leveraged our expertise in mortgage document processing to train machine learning models to automate document classification and data extraction and validation, deliver advanced exception management and unlock value for our customers.
In line with our automation first mindset, we utilize Google's document understanding for AI algorithms in Iron Mountain's Insight platform to identify, classify, extract and validate loan data to support authenticity, accuracy and completeness. As a result of our services, the customer has seen efficiency improvements, including a 25% post-closing cost reduction, increased scalability, a shortened cycle time and increased responsiveness to market demand among other enhancements.
We are not only proud of our work with this financial services customer, but are also dedicated to continuing to enrich our customers' ability to protect and preserve their high-value assets, and in turn, assist them with gaining market share in their businesses through higher end customer satisfaction. I'm also pleased to report that Iron Mountain received the JPMorgan Chase Strategic Diverse Gold Supplier Award for our commitment to supplier diversity and the contributions of our very owned supplier diversity program.
Together with our fellow gold suppliers, we have selectively agreed to increase spending with diverse owned businesses and have set ambitious goals over the next three years. As part of this, we are on track to achieve our goal of $63 million in supplier diversity spend by the end of 2021. This is not just about our diversity goals, but it is also about helping our customers like JPMorgan Chase and our fellow gold suppliers to drive improvements in supplier diversity, which we recognize is important for all communities in which we operate.
By working together, we are having a far greater impact than any one company can achieve alone. I would now like to highlight our recent win working together with General Dynamics. You will recall, we have been speaking for some time about the potential for our services inside the U.S. federal government. Whilst the transformation of the federal government has taken some time, we are seeing over the past year major growth in our business across a number of governmental agencies.
This growth is due not only to the residents that our products are having with the government and assisting them on their own transformation paths, but also to the work our government team has done in partnership with the likes of General Dynamics. This partnership has already resulted in a three-year Iron Mountain contract worth $23 million to help the Department of Veterans Affairs with their digital transformation in order to serve better our U.S. soldiers.
As part of this initial project, we're helping the U.S. Department of Veterans Affairs digitally process an estimated 15 million official military personnel files. Through digital transformation, this agency is taking a proactive approach to provide greater access to personnel files as well as streamline the overall claims process in order to get veterans the benefits they deserve.
In addition to our successful with General Dynamics, I would like to highlight another win in our Global RIM segment. We've had a long-standing relationship with a major global financial institution for over 20 years and we have recently expanded our relationship with them by signing a new 10-year global contract in which they committed to renew and consolidate all global records and data management business with us.
Through this work, along with our global scale, we won an additional two-year contract for data restoration and migration services. We will provide the customer with clear detailed information from back uptakes spanning 11 years, which will help them make informed decisions around data deletion, retention and remediation. Ultimately, we will reduce and enhance data management and compliance.
Finally, turning to data center. We are well on track to exceeding our bookings target of 30 megawatts this year. In fact, through October, we stand at 24 megawatts. In addition to our continued growth in bookings this quarter, we closed on the acquisition of our new data center in Frankfurt. When we purchased the new Frankfurt data center, we inherited over two megawatts of existing clients, and we have expansion capacity of eight megawatts for a total of over 10 megawatts on that site.
Already in this quarter, we have signed 1.6 megawatts of new leases for this site and have a strong pipeline which should absorb the remaining capacity over the next two to three years. I should also add that our first in purpose-built data center in Frankfurt is up and running in a tenant which leases the entire 27 megawatts is moving in this quarter.
With this transaction in Frankfurt, we now have a total potential capacity in Europe of more than 107 megawatts, which provides access to important interconnection markets for new and existing customers looking for reliable, flexible and secure data center locations across the Frankfurt, Amsterdam and London markets. Even with our rapid growth, sustainability remains at the core of how we offer data center capacity.
Iron Mountain continues to source more than 100% of its energy used for data centers from renewable energy. Moreover, as we announced in April, we took a significant step forward in the development of enhanced solutions for purchasing renewable energy by entering into an agreement to track the hourly load.
I'm proud to announce that this September, we were able to report on our performance for the first half of the year for our data centers in Ohio, Pennsylvania and New Jersey that are benefiting from this agreement. Over the past several months, we have taken definitive steps towards a truly carbon-free energy supply, not just by offsetting our carbon footprint by purchasing and reselling renewables, but by matching renewable energy in the very grids in which we operate.
We are the first company to join Google to adopt the 24/7 carbon-free energy goal, and we became a founding signatory to the new UN Clean Energy Compact being released at COP26 this week. We can already publish 24/7 carbon-free energy performance at three of our campuses, becoming the first large colocation data center provider with this capability. We recognize that we are an important component of our clients' energy footprint, and we will continue to take every opportunity to minimize our environmental impact on their behalf.
The awards and successes I outlined today are just a few among the various wins Iron Mountain has achieved this quarter. As we continue to deliver accelerated growth at IRM in spite of the continued impact of COVID on some of our traditional service areas, I am confident that our resilient business model, expanded product portfolio, customer-first culture and strategic transformation will continue to deliver strong sales growth.
With that, I'll turn the call over to Barry.