Hi Ajay,
MDM does not have tools for data archiving,as suggested above you can use DB tools to archive the history table.The below can shed some light,SAP recommends -
If your DBMS is Oracle, use a utility of your choice to archive your table (backup, dump) and afterwards clean the A2I_CM_HISTORY table using the the truncate command (with the reuse storage option). Remember that you must backup the table before issuing a truncate command since this command is not reversible (it does not generate role back logs!).
Thanks,
Ravi