CloudRecovery was a joint product development between Iron Mountain Digital and Microsoft, first released in 2009. The product allowed Microsoft's on-premise Data Protection Manager to store backup data to the cloud where it is always instantly available, instead of tape.
CloudRecovery was launched in the very early days of migrating enterprise IT departments to cloud computing. The market concept for this partnership was that Microsoft needed to give its customers a place to store data that was highly trusted in the industry, and Iron Mountain's cloud services needed a channel to a wider range of enterprise applications.
The product is described in this data sheet. The underlying technology on the Iron Mountain side of the partner is LiveVault server backup (since acquired by HP).