SUMMARY

A leading foreign bank that owned 100 percent of the shareholdings in its Indian subsidiary was looking to raise capital for expansion in India. As a result, the client had to meet some regulatory requirements by the Indian government, which included a primary placement with an Indian investor. Also, the bank needed to share sensitive and proprietary information with external entities for due diligence to secure this funding. Our virtual data room (VDR), FirmsData, enabled the bank to share this data while maintaining confidentiality and meeting compliance requirements.

“FirmsData was key to our project and provided us with support throughout the process… FirmsData is much more than a Virtual Data Room provider.”

– Head of Technology at the bank

CLIENT REQUIREMENTS

The bank sought investors for a primary placement for its Indian subsidiary. Also, the client worked with one of India’s most influential equity broking firms to make this possible. As well as, the equity broker needed to perform vendor and financial due diligence for the bank, which required the bank to share highly sensitive information with external stakeholders. Additionally, the client had to enable consultants and potential investors to access this data and communicate in a secure and hassle-free manner.

CHALLENGES IN DATA SHARING & COMMUNICATION

Many parties, including banks, lawyers, and consultants, were involved; Hence, setting limits and controlling data access was necessary for the client
The data set was over 100 GB, not organized, and not in a uniform format
As per Indian government regulation on the banking industry, the data-sharing solution had to undergo a tech audit and have servers in India

BENEFITS OF FIRMSDATA VDR

The client chose FirmsData as its virtual data room for its simple, secure platform and excellent service.

FirmsData helped the bank overcome the challenges in the following ways:

FirmsData enabled the client to set limits on access and actions for each user within seconds
Its advanced reporting dashboard allows monitoring of user activity in real-time
Our consumption-based payment plan enabled the bank to choose the space according to the data size
FirmsData’s document management features support bulk uploads, drag and drop, and accept multiple file formats for easy data organization
Having ISO 2700I certification, the world’s best-known standard for information security management systems, our platform met all the requirements in technical audits with ease
FirmsData is hosted on state-of-the-art AWS Virtual Private Cloud (VPC) situated in India, which complies with the data localization requirement under the Data Protection Law in India

RESULTS OF THE ENGAGEMENT

FirmsData helped the bank share the information with the required parties while maintaining data confidentiality and meeting various compliance requirements & government guidelines.

Below are some results of the engagement:

Leveraging FirmsData’s virtual data room, the bank accelerated the due diligence processes by making the process easy, secure, and streamlined
Our 24/7 help and support via emails & calls and dedicated team for managing data rooms helped the client at every step
Additionally, the platform helped the client significantly reduce travel and legal expenses