Freightways Limited has agreed to purchase Iron Mountain New Zealand Limited (IMNZ), which will be merged operationally with its subsidiary, Online Security Services Limited (OSS).

The purchase price paid for IMNZ is $NZ12.7 million (US$10 million) and the acquisition is expected to be immediately earnings per share (EPS) positive.

Freightways says the acquisition is consistent with it's growth strategy to acquire complementary businesses and to increase its penetration in the Information Management market.

As well as operating in New Zealand, FRE has established operations in every major state in Australia, enabling it to provide customers with a full suite of information management services on both sides of the Tasman.

Freightways says its information management division has proven to be resilient during recent economic cycles and has continued to deliver strong organic growth in both New Zealand and Australia.