May 30, 2013
V-Rooms™ announces its seventh anniversary. On February 20th, 2006, Due Diligence Online, LLC was incorporated. Within a year it officially re-branded itself as “V-Rooms Virtual Data Rooms.”
“Seven years ago, the virtual data room industry was virtually nonexistent,” said Dan Bradbary, CEO of V-Rooms. “The term ‘virtual data room,’ originated when M&A professionals took the documents normally housed in their ‘due diligence war rooms’ online. These were physical conference rooms, under lock and key, located at the office of the seller’s attorney. Teams of accountants, experts and analysts representing potential buyers would spend days reviewing boxes of contracts and agreements.”
In its seven years of operation, V-Rooms has seen law firms, financial advisors, analysts, specialists, and their clients transition almost completely from physical rooms to online virtual data rooms, especially as deals became more global in nature.
Virtual data rooms also have increased in use in the stages before inviting outside consultants and buyers to begin their review. This allows corporations to organize their data in preparation of negotiating a deal. Non-traditional projects, such as pharmaceutical research and mining location discovery, which require similar levels of high document security for globally dispersed teams became significant proponents for virtual data room adoption. Regulation compliance concerns, security features and reporting tools also evolved to become additional reasons why lawyers, health care professionals and accounting firms would also move to the platform.
In its seventh year of its existence, V-Rooms launched V-Rooms Pro which allows individuals access to multiple projects at once, drag-and-drop file-sharing and batch-download features. V-Rooms is now compliant with a wide range of regulatory authorities including SEC Rule 17G-5, European Union Safe Harbor Certification, HIPPA, FDA CFR 21 Part 11, SAS 16 Type II, and FATCA, to name a few.
“In our seven years of existence,” said Karen Perkins, President of V-Rooms. ”I’ve never seen V-Rooms innovate more than it is now with V-Rooms Pro. We are positioned to serve an ever increasing range of projects for our clients as they look to securely share documents beyond their firewalls.”
V-Rooms™ provides a cloud-based, customizable virtual data room (VDR) solution that is designed to streamline document management, collaboration, exchange and archiving for financial, legal and corporate professionals. The V-Rooms™ Software-As-A-Service (SAAS) secure document portal facilitates the secure exchange of sensitive information providing compliant and auditable transactions. V-Rooms™ enables the acceleration of complex, information-intensive processes while reducing the time and expenses associated with data distribution, courier, printing and travel. Additional information can be found at http://www.V-Rooms.com.