Category Archives: Virtual Data Rooms

The Art Of (setting-up-your-virtual-data-room-for) The Deal

The success of a merger or acquisition depends on the seller preparing and providing the potential buyers with a well prepared virtual data room. (VDR) The more efficient a buyer can perform their due diligence, the faster the auditors and lawyers can approve the deal.

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When we assist the target company with the creation of their VDR, a clear table of contents is built, generally on these high-level topics:

  • Business unit integration
  • Competitive environment
  • Contacts and strategic partnerships
  • Corporate governance
  • Current client contacts
  • Environmental and social
  • Financial reports
  • Human resources
  • Industry and governmental regulatory compliance(s)
  • IRS and audits
  • Marketing
  • Ongoing and historical litigation.An overview of any litigation
  • Physical property
  • Product and service production
  • Required insurance coverage(s)
  • Sales pipeline Sales
  • Stakeholder obligations and agreements
  • Technology and IP

Also, we emphasize that simplicity of working within the VDR for the buyer is deal-mover, too. We prefer (and coincidentally, sell) a Window-file-format design. Everyone knows how to use it, almost instantly. WATCH VIDEO HERE.

Building out the VDR is time-consuming for most sellers. Not the actual “VDR” part, but the collecting of the massive amount of information a buyers wants. Most buyers integrate a disclosure schedule with their acquisition agreement.

Our downloadable M&A Quick Sheet offers a simple overview of the 5 stages of an M&A from both sides of the deal.

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Reg A+ still requires an S-1 level of “data room diligence”

Reg A+ was adopted to facilitate capital-raising by small, emerging growth companies – many who want to avoid the negative perception associated with becoming a public company via a reverse merger or a shell.

Basically, Reg A+ is a simplification of a traditional IPO process – and the robust process of an S-1 registration filing. The Reg A+ offering statement, Form 1-A, consists of three sections.

  • Part I Notification: requires basic information about the issuer and the offering and is predominantly intended to authorize a company’s Reg A+ eligibility.
  • Part II Offering Circular: similar to the prospectus in an S-1 registration statement offering in-depth disclosures – and is the core material for investors.
  • Part III Exhibits: an index and description of required exhibits.

Part II is the meat of the filing and where the company’s working group execute the due diligence, predominantly in a virtual data room, to assess the feasibility of continuing a Reg A+ action.

Much like a traditional IPO S-1, the “mini-IPO” 1-A diligence list is long:

  • Articles, by-laws and resolutions records
  • Assets, both tangible and intangible
  • Bad actor impact
  • Board of directors
  • Client contracts
  • Agreements: consultant, contractor and supplier
  • Corporate governance
  • Environmental law liabilities
  • Financial information: GAAP
  • Insurance coverage
  • Intellectual property
  • Investor relations plans
  • Litigation, past and pending
  • Management agreements and compensation
  • Management biographies
  • Marketing and PR strategies
  • Previous securities offerings
  • Promoters and stock advisors
  • Sales strategies
  • Shareholder information: current ownership
  • Taxes, expected and owed

A transparent diligence process is essential for all parties in the working group. Although the Form 1-A is a lighter process than the S-1, it is absolutely not exempt from Section 10(b) of the ’34 Act forbidding any manipulative, “fraudulent devices and schemes, material misstatements and omissions of any material facts, and acts and practices that operate as a fraud or deceit on any person in connection with the purchase or sale of a security.” All parties in the working can be liable.

We work with companies for both the implementation and training of their virtual data room and the creation and filing of their Form 1-A. Contact us here.

The 5 Stages of M&A: overview chart is now downloadable

Having just five stages is a bit oversimplified, however working with young, inexperienced organizations – many Emerging Growth Companies –  we’ve found that having a 30,000 foot view of a deal has proved useful. Certainly, the law firms have the street-level “to-do” list however this guides their corporate working group to think in deadlined-structured buckets.

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The five stages:

  1. Foundation
  2. Preparation
  3. Examination
  4. Negotiation
  5. Completion

As you read on the one-page guide, CLICK HERE, both sides of the M&A transaction have tasks at each stage.

Our role within the five stages is two-fold: 1.) the set-up and management of the secure virtual data room (watch video demo) and 2.) with the material disclosure required to the SEC and/or across the news media and to shareholders.

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How technology is changing the art of M&A – Part 5, technology and risk

NOTE: This top introduction is redundant from Parts 1, 2 & 4. The new text begins below the experts photos. 

Technology is now widespread throughout all stages of the M&A process, from targeting to due diligence.  It has transformed the way that transactions are done. The use of different platforms is facilitating the quick delivery of deal information to a wider group of participants. As a result, crucial stages in a transaction can now be done remotely and simultaneously by several deal parties.

Technology is also affecting other areas of the deal process. Negotiations between buyers and sellers can be less contentious with access to past data. With advanced technology, it has become easy to compare past deals and take away precedents that these parties can agree on and apply to current transactions.

However, despite the advantages, there remain risks. The proliferation of information has heightened the potential for possible leaks of confidential deal data. On top of this, sector-specific issues, particularly in tech-heavy industries, have their own regulatory nuances dealmakers must navigate.

With all these factors coming into prominence, Mergermarket and Vintage gathered five experts to discuss the growing role of technology in the M&A process. In particular, they look at how the presence of technology has unlocked value in M&A deals while tackling the issues of potential risks and regulatory scrutiny.

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Q: What issues can companies face if they are not using technology in the deal process? 

James Rosener: You’d be driving a buggy while others are racing cars. You’d be out of the game. These days, if you don’t have a website, if you don’t have access or the willingness to use a VDR, among others, you just don’t exist.

Richard Lukaj: Indeed, companies today cannot be competitive without leveraging these technologies. The market  is pricing and maneuvering its resources in a way that requires firms to have these skills and efficiency tools. I can’t imagine that, in this day and age, there are still companies that are doing any volume of business that don’t leverage all of these skills. It might be true for firms that are doing or planning to do a single deal.

But, if a company is not taking advantage of all the available capabilities in the market, then it may be potentially vulnerable to an outcome that is far less than efficient. Unfortunately, in many cases, these things only surface after the deal closes. There might be individual or much smaller businesses that operate on that inefficiency curve, but I don’t think that applies to any reasonably priced transaction today.

Roger Griesmeyer: And the financial cost is just the tip of the iceberg. The often-overlooked deal element is the human resource cost for the transaction parties. It’s one thing if you’re a private equity fund and have staff that are very well trained, experienced and dedicated to doing deals. For a lot of companies that are doing deals, their internal teams might be performing tasks related to the transaction. A company in this situation that is not using technology to make the process as efficient as possible can risk not only doing a bad deal, but also ending up with significant work issues, including employees underperforming during the M&A process.

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Sellers might also run into what’s called a material adverse change, which is the deterioration of a company’s financial condition for various reasons that may include sales and financial reporting teams not doing their jobs because they are trying to help with the deal’s execution. If technology is not used to optimize all the processes that are part of buying a company, the company is going to miss something critical on the deal and its business.

Matthew Epstein: In some sense, companies don’t even have a choice, since everyone is using technology. Even Warren Buffett, who is notorious for only doing negotiated deals, uses the Internet to access company information just like everyone else. The US market is wonderful in terms of access to company regulatory filings, which are now all available on the SEC’s website. Previously, people would literally go to the government office and get copies of the 10-Ks and the 10-Qs, scan them and distribute them on CD-ROMs. For companies to say they are not using technology is akin to saying that they are not using the SEC website to view the latest financial data on a firm they are buying.

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CLICK HERE to download the complete discussion / whitepaper.

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How technology is changing the art of M&A – Part 4, technology and risk

NOTE: This top introduction is redundant from Parts 1 & 2. The new text begins below the experts photo. 

Technology is now widespread throughout all stages of the M&A process, from targeting to due diligence.  It has transformed the way that transactions are done. The use of different platforms is facilitating the quick delivery of deal information to a wider group of participants. As a result, crucial stages in a transaction can now be done remotely and simultaneously by several deal parties.

Technology is also affecting other areas of the deal process. Negotiations between buyers and sellers can be less contentious with access to past data. With advanced technology, it has become easy to compare past deals and take away precedents that these parties can agree on and apply to current transactions.

However, despite the advantages, there remain risks. The proliferation of information has heightened the potential for possible leaks of confidential deal data. On top of this, sector-specific issues, particularly in tech-heavy industries, have their own regulatory nuances dealmakers must navigate.

With all these factors coming into prominence, Mergermarket and Vintage gathered five experts to discuss the growing role of technology in the M&A process. In particular, they look at how the presence of technology has unlocked value in M&A deals while tackling the issues of potential risks and regulatory scrutiny.

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Q: How has technology impacted the due diligence side of a deal? How has technology as an area to scrutinize in due diligence increased in prominence?

Richard Lukaj: Some security tools have been introduced to protect data during the deal process. In the past, a person’s physical presence was needed to protect information from being taken, whereas now parties can decide virtually who gets to see what and who gets to download information by giving those permissions explicitly. In many ways, it has made the due diligence process much more efficient and allowed deals with multiple parties to be conducted much more effectively.

The only questionable element is that it has also reduced the human interaction in deals very dramatically. As a result, there are many transactions now where parties and negotiating counterparties have very little face-to-face interaction. There have even been deals where there has never been a meeting among parties that are transacting in the deal.

Matthew Epstein: The target’s technology has become considerably more important in the due diligence process. Even some non-technology businesses have a significant technology component that has to be closely examined. For instance, businesses dealing with consumer payment data have to deal with the Payment Card Industry compliance requirements.  This means checking whether the target is protecting the consumer data properly becomes a diligence item itself.

Beyond this, it becomes an issue of protecting data from any form of hacking. When it comes to infrastructure, how do companies monitor their operational assets? Are their monitoring and operation systems reliable and protected? If the technology involves corporate data, are they protecting that properly, to not expose trade secrets? Overall, many companies have various obligations to maintain their systems and processes for regulatory purposes. Every company that’s public has the Sarbanes-Oxley requirement. Are they capturing the data appropriately to make sure they’re Sarbanes­Oxley-compliant or are they in compliance with the Anti-Money Laundering rules? These issues are extremely important for companies that have cross-border businesses.

Roger Griesmeyer: Scrutiny during due diligence also usually involves examining a target’s intellectual property (IP). Does a company own IP that is properly licensed? What are the IP risks? From a practical perspective, in running a deal, it is important to ask whether the technology works. There has to be someone independent and unbiased who is an expert and who can really go in and take a good look.

Brian Rich: There is a need to look at the social media aspect as part of the due diligence process as well. When we conduct due diligence on a company, we’re monitoring the company’s online profile, Facebook and Twitter pages, MPF score, and the Glassdoor reviews on its management team.

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Q: What is the focus of regulatory scrutiny in the area of technology risk as it relates to the M&A process? 

Richard Lukaj: In many respects, the regulatory compliance requirements have struggled to keep pace with technological introduction. Many of the rules and regulations, particularly for broker dealers, were designed to prevent the inappropriate use of broadcast capabilities from the investor-risk perspective. In many cases, technology is still struggling to operate in a regulatory regime that is created and governed by the basic principles of protecting the unsophisticated retail investor. But in the commercial or in the mid-market and larger transactional setting, there really aren’t unsophisticated parties involved.

Brian Rich: The type of regulation that applies is totally dependent on the kind of company being bought. The kinds of companies that we invest in are generally not subject to regulatory scrutiny, but we just participated in some wireless spectrums, which are highly regulated. I don’t think that the regulatory scrutiny has changed at all because of the changes in technology. Regulation is sector and size specific. We invest in the data center space and buyers of very large data centers might be subject to regulatory scrutiny, but probably won’t be if they are buying a smaller mid-sized one.

Roger Griesmeyer: Leaks of material, non-public information are important in terms of publicly traded companies. There is technology risk here, whether it is just about people posting deal information on Twitter, or something more nefarious than that. Some parties, including the media, want to report on deals that are in process. If there’s a tip that something’s breaking down in the transaction, they want to be the first to get it out. I don’t think that has changed in the many years of dealmaking, but now it’s an issue of just how quickly the information can be disseminated and impact a deal.

James Rosener: Yes, I agree, so much goes back and forth with the deal process now that obviously regulators are worried about data privacy. The question that needs to be asked is what are people doing to protect that information? If there was a public announcement of a major data breach, regulators would be asking everyone to beef up ways to protect data.

Matthew Epstein: The key regulatory scrutiny that I see relates to information leaking and insider trading by the linking of deals. This is not surprising given the increase in Internet-mediated communication, virtual data, and emails. Deals can also be discussed on cell phones in public spaces. We are, and have to be, very careful about confidential information for client purposes. The use of technology, while it could promote efficiency, also increases the potential for leaks and good processes need to be put in. Parties have to be very careful in sending materials and in granting access to virtual data rooms.

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CLICK HERE to download the complete discussion / whitepaper.

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How technology is changing the art of M&A – Part 3, enhancing value

Tech has permeated the dealmaking world – but how is it adding value to the deal process in practice? 

The use of technology has become part and parcel of the M&A process. Buyers and sellers are both reaping the rewards of faster access to detailed deal information through more advanced platforms. These systems allow sellers to get better pricing for their assets while buyers can take comfort in having a more solid understanding of their targets.

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Indeed, there are several ways technology is helping dealmakers on both sides of the negotiation table enhance the value of a transaction.

E-efficiency

The exponential growth in data, aided by tech, is one factor that is adding value to the dealmaking process. One aspect of this is that the increased amount of data provides a greater number of passed deal examples, readily available to dealmakers, which can be used to quickly settle disputes.

“More information can cut on some of the arguments during negotiations,” says Roger Griesmeyer, a partner at Andrews Kurth. “A lot of times, clients just want to get to the past deal that they shook hands on and agree to the terms. So if the data says that 80% of past deals have this provision, this makes it easier for them to agree to that.”

For example, buyers and sellers have disagreed on escrow account provisions where a portion of the seller’s money is held for indemnification purposes. Using past data reduces this tension. “There are often discussions on how long money should be held in escrow. Sellers would want their money back right away and do not want to have any liability,” Griesmeyer says. “Knowing how most of the industry views escrow provisions will help resolve this issue.”

More data also helps companies find an agreeable price quicker, avoiding valuation gaps. “The ability to make better comparisons between deals can help buyers and sellers have a more informal exchange and probably lead to a much more efficient reconciliation of the deal value,” says Richard Lukaj, a senior managing director at Bank Street Group.

Knowledge is power 

As well as being able to increase the speed of a deal, the tech revolution is also ensuring dealmakers are making key decisions based on a wider range of information. “Significant data that is available much faster and more efficiently allows for a more informed decision-making process,” says Matthew Epstein, managing director at Sagent Advisors.

Epstein recalls a deal that his company was trying to sell to a final group of buyers that wanted access to the company’s general ledger as part of their due diligence. A general ledger contains all the records of a company’s transactions relating to its revenue, costs, assets and liabilities, and owners’ equity.

Epstein said this access allowed the buyers to conduct customized due diligence in a compressed timeframe that would have been impossible 10-20 years ago. “Ultimately, technology promotes a more efficient market for operational assets,” Epstein says

Getting more for less

Technology has also helped to create value by facilitating the creation of a virtual, efficient and extremely open marketplace. On top of this, the ability to send information electronically to a significant number and wider set of possible buyers has opened up M&A possibilities significantly.

This is promoting increased competition for assets. “Technology provides a place for buyers and sellers where the free-flow of information eliminates many of the market inefficiencies that limited the number of buyers such that price competition suffered from the lack of liquidity,” says James Rosener, a partner at Pepper Hamilton. “Technology also gives new buyers the opportunity to build visibility in a crowded market.”

The sheer number of buyers could also increase the bargaining power for those selling their assets. “I would not go as far as to say that a buyer will pay more for a company because transactions are easier to do as a result of technology, says Brian Rich, a managing partner at Catalyst Investors. “I am talking from the standpoint of sellers being able to do a better job of offering a business to a wider, addressable market and getting a better price.”

Being able to address a wider audience of prospective buyers using tech also has the added benefit of saving money. “If you go back 10 years, you used to have to print 100-200 books and then post them to your prospective buyers,” says Rich. “Now, of course, that never happens, and you just do everything electronically. Transaction costs have gone down.”

Video: M&A experts discuss Business Development Companies’ impact

Without doubt, the environment for Mergers & Acquisitions is high. Part of that energy is fueled by Business Development Companies (BDC). A BDC is a US publicly-listed company that provides financing to small and mid-sized businesses – much like a venture capital fund. The key difference is BDCs allow small, non-accredited investors to invest in emerging growth and start-up companies… an opportunity generally available only very wealthy investors via VCs and private equity firms.

Click on the video above to watch the panel at our recent Mergermarket event, M&A and Private Equity 2015: Keeping up the momentum, insights on BDCs.

  • Tal Hacohen, Partner, Orrick, Herrington & Sutcliffe LLP
  • Rory O’Halloran, Partner, Shearman & Sterling LLP
  • Michael Kessler, Partner, Riverside Company
  • John Tyree, Managing Director, Morgan Stanley

To watch the complete event, or download an audio podcast, please click here.

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In addition to the full event, you’ll find links to individual video chapters including shareholder activism in M&A and technology’s role.  

How technology is changing the art of M&A – Part 2, technology’s role

NOTE: This top introduction is redundant from Part 1. The new text begins below the experts photos. 

Technology is now widespread throughout all stages of the M&A process, from targeting to due diligence.  It has transformed the way that transactions are done. The use of different platforms is facilitating the quick delivery of deal information to a wider group of participants. As a result, crucial stages in a transaction can now be done remotely and simultaneously by several deal parties.

Technology is also affecting other areas of the deal process. Negotiations between buyers and sellers can be less contentious with access to past data. With advanced technology, it has become easy to compare past deals and take away precedents that these parties can agree on and apply to current transactions.

However, despite the advantages, there remain risks. The proliferation of information has heightened the potential for possible leaks of confidential deal data. On top of this, sector-specific issues, particularly in tech-heavy industries, have their own regulatory nuances dealmakers must navigate.

With all these factors coming into prominence, Mergermarket and Vintage gathered five experts to discuss the growing role of technology in the M&A process. In particular, they look at how the presence of technology has unlocked value in M&A deals while tackling the issues of potential risks and regulatory scrutiny.

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Q: Is this new technology easily accessible for those engaged in deals? What kind of platforms are available?

Richard Lukaj: Technology is more accessible than ever. In the past, dealmakers largely leveraged proprietary platforms, which were somewhat unique to the institutions that built them. Today there is such a wide variety of information resources made available to every firm. To some degree, companies can buy customized and niche solution sets that can make one firm basically equal to the other in terms of access to information. The overall accessibility to the data and the proliferation of technology that enables it has leveled the playing field between the largest and the smallest firms in terms of data availability.

One new area is these new transactional counterparty databases that are in their early days. Using technology, capital sources that are looking for specific kinds of deals can now connect with parties that are marketing such transactions. These new systems are trying to further refine the marketing of a particular opportunity to those that may not have historically done a certain deal, but have a newly declared interest in the space. They are attempting to introduce another layer of efficiency into dealmaking to include parties that may be interested in an area, but may not have said so publicly.

Matthew Epstein: There are many interesting areas, but the best place to look is virtual data rooms. When I started in this business, I remember preparing and reviewing physical data rooms and going to a room where there were many banker boxes with folders in them. The process of reviewing the data would be limited by how many copies of the data room is made. Additionally, no more than one person could be in the data room at a time because the person was physically in a room. With virtual rooms, literally hundreds of people can be looking at the same document simultaneously. This significantly increases the efficiency of the process and the number of parties that can be included in a particular deal.

Brian Rich: There are plenty of technologies where parties can just go online and get capacity to make the moving of documents easy, which is a big thing for accessibility. Many of these companies are specialized for lawyers, dealmakers, and financial institutions. They are readily accessible and it is easy to sign up and terminate.

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Q: In which areas is tech limited in its use in the dealmaking process? 

Roger Griesmeyer: Most of the deals I’ve seen done well involved a meeting prior to deal close between the decision makers and a couple of attorneys on both sides with no technology between them. Sitting together humanizes the process for parties who may think they are in disagreement because of previous argumentative conference calls. Through this process, it would be easy to see who really wants to do a deal and what is really important to the parties as opposed to maybe what is a red herring they are using to negotiate some other point.

Matthew Epstein: Indeed, the people aspect of dealmaking is still important. First is the trust in the counterparty. Assessing whether someone is trustworthy is critical because the most valuable asset in a business is time. Dealmakers are always making the assessment on whether doing a task is time well spent, so it is crucial to determine whether the other party is someone to do business with. It’s hard to make that assessment without dealing with them face-to-face.

Another key point is operational talent. Are the managers in a potential acquisition good? Do they motivate their employees well? Can I rely on them to continue to run the business? Can they be a good member of my team? Is the corporate culture sustainable? These questions are very hard to answer without actually meeting people and spending some significant time with them.

Richard Lukaj: Technology either facilitates or provides data in the dealmaking process. However, there’s still a need for experience, knowledge, finesse, and cross-arena intelligence. A transaction involves many components including industry and company variables and tax consequences. There is still no tool where all those variables can be calculated into an algorithm to produce an ideal transaction for either side.

Despite this, the tools are certainly making parties more effective and efficient. It’s also fair to say that individual dealmakers can consider, propose and engage in many more transactions today than you could physically in the prior generation.

Brian Rich: Technology is very helpful, but as Matthew says, dealmakers still have to make a judgment call on the management team, the business and the sectors that they are investing in. Probably 10% of our due diligence process is automated. We are going to care about the same things as we did in the past. If you pulled out a due diligence check list from 10 years ago compared with one today, it will probably be 90% the same.

Conversely, the other question is, can firms overuse technology? Can they take it too far? The answer is yes. I get these inbound emails that make it very clear to me that these people are just sending out hundreds of emails from a list. They don’t follow it up with a phone call and personalize the process. I just disregard those emails. Even with advanced technology, the deal process still requires a personal touch.

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CLICK HERE to download the complete discussion / whitepaper.

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How technology is changing the art of M&A – Part 1, technology’s role

Technology is now widespread throughout all stages of the M&A process, from targeting to due diligence.  It has transformed the way that transactions are done. The use of different platforms is facilitating the quick delivery of deal information to a wider group of participants. As a result, crucial stages in a transaction can now be done remotely and simultaneously by several deal parties.

Technology is also affecting other areas of the deal process. Negotiations between buyers and sellers can be less contentious with access to past data. With advanced technology, it has become easy to compare past deals and take away precedents that these parties can agree on and apply to current transactions.

However, despite the advantages, there remain risks. The proliferation of information has heightened the potential for possible leaks of confidential deal data. On top of this, sector-specific issues, particularly in tech-heavy industries, have their own regulatory nuances dealmakers must navigate.

With all these factors coming into prominence, Mergermarket and Vintage gathered five experts to discuss the growing role of technology in the M&A process. In particular, they look at how the presence of technology has unlocked value in M&A deals while tackling the issues of potential risks and regulatory scrutiny.

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Q: How has technology evolved in terms of its use in the dealmaking process? 

Matthew Epstein: Going back to the advent of the PC and calculation software, what used to take days can now be done in minutes. Since there were no computers in the early 1980s, investment bankers used to do everything by hand on spreadsheets. They used big pieces of graph paper that they placed on their desk and up on the wall to figure out calculations. By contrast, a model that will do thousands of scenario analyses can now be built. The Internet has also made it possible to do a vast amount of the M&A process remotely, including the due diligence process and a large part of the negotiation process.

Roger Griesmeyer: The technology that we as lawyers use has also evolved. Today there are products that will let you plug in the deal provisions and compare them with the most recent hundred transactions, giving you a percentage of them that have a particular provision. When doing deals, one always wants to know what the market standard is. Am I allowing terms in this agreement that everyone else in the industry has agreed on? Is this fair or am I getting the short end of the stick?

Before, these questions were answered solely based on industry experience, or it might take looking at the Securities and Exchange Commission’s (SEC’s) website to find the most recently filed merger and asset purchase agreements. Using these products gives a client and a lawyer comfort that not only do they know their market through their colleagues and experience, but that previous transactions show that they are on the same page as the industry

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Richard Lukaj: Everything on the data side is so much more prolific today than it ever was, and dealmakers can access a collection of resources and fairly distributed market data. It gets a little bit more unique when transactions that need highly customized solutions are involved. But, in general, there are many options for accessing market trading and securities benchmarking information. There are new companies coming to the market all the time with new analytics tools to leverage that data and provide new information. This helps the dealmaking world.

James Rosener: Technology has clearly increased the speed at which deals are made, and broadened the use of auctions and the number of potential bidders given the ease of communication and distribution of materials. At the same time, remote communications and the ease with which documents can be incrementally changed without addressing the fundamental deal issues has, in some cases, increased the number of cycles that a draft agreement has to go through before the parties focus on the points necessary. Materials can be distributed more widely and with greater ease and documents can be generated more quickly. However, it is important to remember that it is the parties involved and not the technology that gets the transaction completed.

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CLICK HERE to download the complete discussion / whitepaper.

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Simplified Document Management a Necessity for the Complexities of M&A Transactions

Easy-to-use Virtual Data Room allows counsel, company executives and potential stakeholders to focus on the deal, not struggle with clumsy software  

NEW YORK, February 24, 2015 /PRNewswire/ Vintage, the capital markets, corporate services and institutional & fund services division of PR Newswire, is pleased to announce their 2015 partnership with EthosData – a Copal Amba Company and subsidiary of Moody’s. The partnership solidifies Vintage as the North American Sales and Subject Matter Expert on Virtual Data Rooms for EthosData.

Click here to watch the complete 2-minute demonstration.

EthosData is a leading global provider of Virtual Data Rooms (VDR) and Acquisition International’s 2014 Data Room Provider of the Year in Asia Pacific region, 2014 Virtual Data Room Provider of the Year in Spain and 2014 Winner of the Sustained Excellence Award in Data Room Services in the United Kingdom.

“The client service culture at Vintage is perfectly aligned with ours and we have found customer support to be a key element to assure the success of our clients’ transactions within a VDR,” said Francisco Lorca, founder and CEO of EthosData. “I am continually impressed by Vintage’s expertise regarding capital markets transactions and their ever-increasing position within the North American dealflow industry.”

vdr_LOGO_300The product landscape for data rooms is both deep and wide, with solutions ranging from simple drag-and-drop cloud boxes to extremely complex – and expensive – data sites. The Vintage Data Room, powered by EthosData, fits directly in the middle and delivers the functionality, confidentiality and transparent fee structure most companies require.

“EthosData worked with us to create a solution that matches Vintage’s promise of bringing intelligent value to our clients,” said Liam Power, President of Vintage.

“We’re finding that, beyond their IPO, companies continue using their data room for organization-wide document management of other confidential materials including research, contracts and certainly in preparation for secondary offerings or possible M&A. It’s a very powerful and flexible 365 solution,” concluded Power.

The Vintage Data Room, powered by EthosData, is available now.  Request information and a live demonstration here.

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About Vintage

Vintage, a PR Newswire division, is a top-three provider of full-service regulatory compliance and shareholder communications services, delivered across our three practice areas: Capital Markets, Corporate Services and Institutional & Fund Services. Founded in 2002 and acquired by PR Newswire in 2007, Vintage has evolved to become the industry’s intelligent value choice. We deliver a flexible balance of people, facilities and technology to ensure that regulatory compliance and shareholder communications processes are efficient, transparent and painless. Services include IPO registrations, transactions, virtual data rooms, EDGAR & XBRL filing, typesetting, financial printing and investor relations websites.

About EthosData

EthosData is a leading global provider of Virtual Data Rooms managed and owned by M&A and corporate experts with executive experience at McKinsey & Co., GE Capital, Credit Suisse and First Data. EthosData is partly owned by the Copal Amba Group with over 2,000 professionals and with Moody’s as its majority shareholder. With offices in the main financial hubs in Asia, Europe and the Americas, EthosData is uniquely positioned to serve their clients globally. For more information, please go to http://www.ethosdata.com. 

Media Contact:
Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage Filings
+1 201.942.7157

bradley.smith@prnewswire.com