Korea’s LegalTech Virtual Data Room provides essential technological security for diversification of business, including M&A and attracting investment
- Written by The Bulletin
LegalTech VDR supports maximum business efficiency through a secure virtual data room environment optimized for sharing confidential documents.
SEOUL, SOUTH KOREA - Media OutReach - 9 August 2022 - In recent years, companies have been actively engaged in short-term expansion and business restructuring through M&A.For example, global pharmaceutical and bio companies' aggressive mergers and acquisitions (M&A) are rising. In 2018, the size of M&A in related fields totaled KRW 400 trillion and is expected to reach around KRW 1.6 quadrillion by 2022. They are proactively diversifying their business by merging with different industries following the growth of the online drug market.
During such intricate M&A processes, management and security of legal, accounting, and other confidential business data are important tasks for negotiations and the prevention of leakage of information. In such a scenario, Virtual data room (VDR) solutions with specialized functions for information sharing and collaboration with external experts are becoming increasingly popular. They are highly secure, convenient, and efficient for in-out technology licensing and contactless collaboration with global clinical trial data partners.
Korea's Legaltech VDR is a cloud-based solution optimized for sharing confidential documents and managing information. It is possible to effectively manage the vast amount of research and experimental data accumulated during the R&D period. As a virtual data room solution, it guarantees fast upload and download speeds and offers a reasonable price as a feature - https://www.youtube.com/watch?v=hr7phYKXvEk .
VDR is a service that provides a highly secure environment for multilateral collaboration and sharing of confidential data. Although it was mainly used in M&A due diligence processes, recently, VDR has been used for a wider variety of applications as a collaboration solution for sharing confidential information such as technical data during an IPO, investment attraction, in-out licensing, and corporate due diligence.
A cloud-based solution optimized for confidential document sharing and information management, Legaltech VDR can effectively manage vast amounts of data. While other VDR solutions have a capacity limit of 500MB to 1GB, Legaltech VDR offers up to 2GB and takes less than 10 minutes to upload and download.
Legaltech VDR's unique features are:
- Secure permission level management, such as folder access levels and download restrictions, can be managed in detail for each individual user.
- Security features, such as watermarks and disabling screen capture and printing, are applied to prevent external leakage of confidential data.
- The secondary authentication feature allows specific IP access, watermarks, and disabling screen capture.
Legaltech VDR also provides up to 83 file viewers, including MS Office, so users do not need to install additional programs; supports drag-and-drop of large-sized folders while maintaining their structure; and offers personalization functions for marking important files, attaching tags, and managing subscriptions. It improves the convenience of work and serves as an efficient collaboration tool with document request and comment functions.
Currently, there are 190 companies that use Legaltech VDR, with a majority of those companies in the pharmaceutical, bio, accounting, law, investment, and finance fields.
Legaltech VDR's plans to expand its service to Singapore & other countries
With the increasing use of virtual data rooms worldwide, this industry is also growing rapidly. Experts predict that the market size of virtual data rooms will grow from $ 1.4 billion in 2020 to $ 2.7 billion in 2025.
Legaltech VDR (https://www.legaltech.kr/ ) is gradually increasing its market share in Korea, where it was developed, and is also turning its attention abroad. Legaltech VDR is expanding globally with its partners by attracting a strategic investment of $2 million in Japan in recognition of the technology and growth potential of its unique big data search engine.
In particular, the company has its eyes on Singapore, an active business environment for global companies. The country is rapidly growing as a digital business hub, with many global IT companies, such as Facebook and Twitter, already in business and a significant influx of Chinese IT companies.
Beyond security [SA1] and efficiency, there's a growing demand for ESG solutions. Jeong In-ho, CEO of Legaltech, explains, "As ESG management has emerged as a global trend, companies are increasingly trying to apply eco-friendly elements throughout their business, with virtual data rooms becoming one of the key solutions to drive the change."
He added - "We are expanding our efforts to ensure that virtual data rooms are used widely in today's active business dealings with non-performing loans and are also planning to promote the paperless environment for businesses."
Hashtag: #LegalTechVDR
