Do you need a Data Room for your transactions, and do you need it fast? In this article, we will consider HighQ service as a good alternative to a Virtual Data Room.
Why do we choose Virtual Data Room?
A virtual data room (VDR), also known as a transaction room, is a secure online repository for storing and distributing documents. It is typically used during the due diligence process prior to a merger or acquisition to review, distribute, and disclose company records.
With the changes in the M&A market caused by the global financial crisis, the approaches to conducting legal inspections have also changed. A common example of due diligence is the process of evaluating a potential buyer (investor) of a company (target) or assets to acquire them. During the implementation of M&A projects at the stage of due diligence, experts identify the following types of inspections: financial, operational, legal, tax, other types of inspections (technical, environmental, etc.).
According to the method of information transfer, inspections can be on-site (with an inspection of objects by their location and interviewing employees or on the basis of information provided for review on the company’s territory) and on-site (via access to a Virtual Data Room) or on the basis of provided copies of documents).
The main purpose of the legal audit, which is carried out within the project of mergers and acquisitions, is to identify the risks that may be faced by the investor. The parties then negotiate to determine whether these risks can be eliminated. The results of the negotiations affect the value of the company and the provisions of the contract of sale (SPA). The level of risk of the risks identified during the inspection is crucial for the future of the project.
What about HighQ Data Room?
Technology moves on but the requirement for the reliable project management and security remains stable. HighQ provides market-leading security, digital rights management and functionality that allows you to securely store, share and collaborate with files. Really, it is not easy to arrange legal projects, especially when several parties are concerned. HighQ is a well-organized platform that is widely used by major international law firms worldwide. This solution is developed especially for law firms, banks and corporations of all sizes. The service facilitates every step, from managing due diligence to generating a closing book enabling:
- document distribution of large amounts
- secure file transfer
- team collaboration
- digital project management tools
How does it work?
Users get access to the service by invitation only. The information is stored in an encrypted form in highly secure servers of the provider. The system is based on traceability and user rights can be restricted to different degrees. HighQ Dataroom offers advanced security for sensitive documents including watermarking and disabling save, print and copy. There is a function to track user’s actions.
HighQ Dataroom is a secure platform with the following advantages:
- No Plugins needed
- Granular permissions
- Email or bulk upload
- Easily import and export data
- Customize view
- Page-level reporting
- Tailored notifications
- Filter QandA
- Use integrated collaboration tools.