Varian Medical Uses ShareVault for Acquisition Due Diligence29 January, 2007
Cupertino, Calif. - January 29, 2007 — ShareVault recently announced that Varian Medical Systems’ Business Development department is using their on-demand virtual deal room as a document sharing platform its planned acquisition of Germany’s ACCEL Instruments, GmbH, announced in early January. “We’re very pleased to have been selected by Varian Medical for this mission-critical M&A process, for which ShareVault is being used internationally,” said Richard Andersen, President and CEO of ShareVault.
Due diligence documents on-demand from a secure web-based platform
ShareVault™, an on-demand web-based virtual deal room, was developed for geographically-dispersed teams, such as the one working on the due diligence for the planned ACCEL acquisition. Varian employees in multiple locations, consultants and law firms in several countries, as well as members of the ACCEL team, are all able to securely share content. “I was pleased by how quickly we were able to set up the virtual data room, and securely distribute essential documents to the right members of the geographically-dispersed deal team. We compressed the time typically required for pre-term sheet due diligence by using the ShareVault platform,” said Andy Thorson, Varian’s VP of Business Development.
Speed of deployment and adoption
Varian cited ShareVault’s rapid configuration capability, easy-to-use drag-and-drop file upload technology, the ease of searching for specific content and automated on-the-fly PDF conversion capabilities as important factors in their selection of ShareVault. “I set up the ShareVault in just a few hours with minimal help from ShareVault,” said Jean Qiu, Varian’s manager of Business Development who was responsible for setting up and configuring the deal room. “Our deal team was able to start using the platform without any training because the program is robust and intuitive. For me, the most important thing was that members of the team could access the content without additional support. I’m not an IT person, yet I was able to set things up for team members to securely share critical documents. That has allowed our small business development team to remain focused on due diligence and on the specifics of the deal itself.”
Documents are uploaded via a high-speed, encrypted connection by dragging and dropping multiple files and/or entire folders. For paper documents, secure scanning services are also available with turnaround times of a few days. Documents uploaded to the ShareVault are automatically converted to PDF with support for more than 300 file types including Microsoft Word®, Excel®, PowerPoint®, Project®, Visio® and hundreds of others. ShareVault™ contents are organized via a flexible, tag-based structure, supporting due-diligence list terms and/or other deal-related processes. Customizable access control assures that each document is available only to users with appropriate privileges. ShareVault also features a tightly integrated full-text search engine, visual content browsing and in-place editing of tags and permissions. Detailed activity tracking and reporting are also included, providing a permanent record of who has seen what documents and when.
High-Grade Security and Reliability
Security features include 128-bit encryption, document-level access control, PDF rights management and audit trail capabilities. ShareVault is delivered from a SAS-70 part II compliant data center, with hardware and infrastructure redundancy, to ensure the high-grade reliability needed for critical deals.
Positive Customer Feeback
“We launched our virtual data room in November, and are thrilled with the feedback from our initial customers – users are simply delighted with ShareVault’s speed, and intuitive search-based interface. All of our ShareVault customer deployments are all running smoothly – a testament to ShareVault’s robust system architecture and high-reliability platform”, said John Badger, VP of Marketing and Product Management.
ShareVault provides Web-based business content sharing services for a variety of industries and applications based on its high performance, database- driven, multi-tenant information repository. Founded in 2003, ShareVault’s corporate headquarters are in Cupertino, California.