Datasite recognised at the HKB Technology Excellence Awards 2021
Datasite Diligence™ and Prepare™ earn the company its Fintech - Financial Services trophy.
Datasite continues to make an impact on the finance sector, receiving the 2021 HKB Technology Excellence Awards for Fintech - Financial Services category for the second year.
The leading software as a service (SaaS) provider was recognised for its innovative mergers and acquisitions (M&A) software, which empowers dealmakers around the world with the tools they need to succeed across the entire deal lifecycle. The company attributed its growth to the significant need for technological advances in managing M&A.
The company says that dealmakers in more than 170 countries make their deals in Datasite. Its clients include 74 of the top 100 legal firms, all the top 20 global financial advisory firms, and fundraisings for several of Hong Kong’s unicorns. “Datasite is growing fast as demand for advancements that make the M&A process faster and more efficient continue to grow,” said Desmond Chua, Datasite Chief Revenue Office, APAC.
According to Chua, new technologies, such as artificial intelligence and machine learning, are helping dealmakers organise and analyse documents and assets during the due diligence process, which results in more efficient transactions.
Datasite Diligence™ helps dealmakers manage the process of setting up a virtual data room to buy or sell assets. The application includes an artificial intelligence-assisted redaction tool, that can be used to hide certain sensitive words, phrases and images. This feature has enabled dealmakers to reduce preparation time for confidential M&A documents by 60%.
Chua noted that research shows over 75% of deals require redaction. He added, that “if non-relevant personal information, phrases and images can be easily hidden from within the data room, it can improve document accuracy and security, increasing deal efficiency and regulatory compliance.”
Additionally, Datasite Prepare™ helps dealmakers get ready for their transactions, including the organisation of files for potential investors and/or purchasers. It also provides industry-leading security and agility for initial public offerings (IPO) and helps align investors, sponsors, and target companies.
Chua said, for example, that analysts in investment banks can spend weeks reviewing thousands of files to figure out how to organise and prepare them for a transaction; but with Datasite Prepare™, the upload of hundreds or thousands of files and their review by an AI engine, which reads the files and suggests categories and folder locations, can be done in a click of a button. “This is important because speed and efficiency during deal preparation is key,” he said.
Datasite Prepare™ also supports companies with their IPO’s through traditional means and through special purpose acquisition companies (SPACs). According to the company, the Datasite platform helps ensure a safe and secure yet agile IPO process management for issuers, advisors, and underwriters.
“Leaked deals, and a resulting lower offer price, can cost shareholders millions,” said Chua. “Poor roadshow results could trigger a dual-track process, and an inflexible data room would bring your exit to a standstill. Datasite Prepare ensures that IPO documents and artifacts are secured and organized to optimise outcomes.”
From new applications to cutting-edge advancements and innovative features, Datasite is laser-focused on serving its M&A customers’ needs in the Asia-Pacific region and the rest of the world.