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Corporate Workspace serves as natural segue into M&A sell-side room for efficient and successful deal completion
Introduction:
NOVA Chemicals is a publicly traded Canadian producer of plastics and chemicals essential to a variety of everyday consumer and industrial products. Venue, RR Donnelley’s virtual data room solution, helped the global company optimize workflow with a collaborative virtual workspace, ultimately saving days of painstaking diligence preparation when NOVA Chemicals eventually decided to explore a sale.
Challenge:
At the outset, NOVA Chemicals’ legal department needed to ensure its internal managers and external partners – located in offices around the globe – controlled access to scores of critical corporate documents. Organization, security, and document integrity were all essential to successful implementation, use, and maintenance of their collaborative workspace. Once NOVA Chemicals had decided to explore a sale, the economic climate required they begin diligence as quickly as possible, engage as few resources as necessary, and minimize costs.
Solution:
Venue, with SAS 70 Type II-level security, granular user rights and access permissioning, gave NOVA Chemicals’ advisors and executives the assurance and control they were seeking in order to safely and effectively communicate with both internal and external parties. With no required downloads or plug-ins, Venue’s intuitive Microsoft interface and bulk document management features made it exceptionally easy for users to quickly adopt the tool. The document version-tracking and collaboration features proved critical to NOVA Chemicals’ management of an overwhelming archive of documents. Access and review of these documents is ultimately what contributed to expedient and successful deal for NOVA Chemicals.
Result:
"Initially, we were sold on Venue’s robust feature-set. We wanted a document management solution that addressed all of our security concerns – that allowed us to track the integrity of each and every file we posted – and a system that was easy to navigate. If we’re going to invest in an application, we want to be confident our people will actually use it. Already impressed by how accommodating Venue’s service team was, we were not the least bit surprised that our transition to a deal room turned out to be an incredibly quick and painless process. Any way we can save money while managing and completing a complex transaction serves our team, our shareholders and our other stakeholders as well."
Alan Pretter, Senior Legal Counsel
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