Corporate finance consultancy BrightOrange assists businesses in selling and buying companies, with mediation and in judicial proceedings. Peter Paul Buijsrogge and his colleagues used a competing virtual data room, but in 2018 they switched to Virtual Vaults. The main reason for this, according to Buijsrogge: “The simplicity and the 24-hour support.”
Preference for Virtual Vaults
BrightOrange previously used a competing virtual data room. Not always satisfactorily, says Buijsrogge. “We weren't keen on the interface and the functions were hidden behind numerous clicks. Furthermore, the working language was English only. It therefore wasn't user-friendly.”
BrightOrange started to look for a new provider, and discovered Virtual Vaults. Buijsrogge: “We wanted our customers to be affected as little as possible during the process. The data room we were looking for had to open quickly and all parties must be able to understand it easily. And, of course, it must also be secure and reliable. Our customers have to feel confident about handing over their confidential data to us. Virtual Vaults offered us this solution. We still offer the other data room, but our clients now also prefer Virtual Vaults because of its simplicity and user-friendliness.”
With a small deal team, BrightOrange works closely with its clients. The consultancy firm is known for not publishing any of its deals. Buijsrogge: “We guarantee our customers complete confidentiality. Many business owners consider this to be very important because they don't want staff or customers to be aware of the potential sale. Unlike our competitors, we publish nothing about the deals, which includes information about the value of the deal. This helps to prevent our customers from being harassed by asset managers, banks and 'new friends'. ‘Privacy first’ at BrightOrange.”
A perfect match with Virtual Vaults, in that privacy also comes first. Buijsrogge: “Virtual Vaults handles customer data very carefully, just like we do. “Safe, secure and simple, just like us” We secure all our IMs using SMS code to prevent unauthorised opening and we never share customer data before the NDA has been signed. We like to keep it simple for our customers, so that they understand what we are doing. As Johan Cruijff said: “Nothing is as difficult as keeping something simple.”
As a partner of Virtual Vaults, BrightOrange offers its customers access to the data room through its own website.
24/7 really is 24/7
The support from Virtual Vaults starts even before the data room is in use. Buijsrogge: “We received good onboarding, both online and offline. Our contact person took the time to explain everything clearly and observed us whilst we started up a new project. When a new colleague joins the company who will use the data room, this onboarding will be repeated.”
Virtual Vaults promises 24/7 support. How does Buijsrogge experience that in practice? “I find that Virtual Vaults is extremely committed. They immediately monitor everything and keep us well informed, even during weekends. We both share that commitment to customers.”
Buijsrogge stresses the high level of service of Virtual Vaults with an example: “There was one occasion, during a deal, that a USB stick had to be at the other party's office and at my customer's office on the same day. I then placed a rush order with Virtual Vaults. The delivery person jumped onto his racing bike to deliver the USB stick in person, and this was with the customer just two hours after my order. Fantastic!”
Due dilligence with a difference
BrightOrange uses Virtual Vaults for due diligence investigation, with accountants, financial managers and auditors being the main users. The main advantages according to Buijsrogge? “Due diligence is a lot faster with Virtual Vaults, because the system is easy to use. This allows us to complete a deal faster. Great for the customer, because this is often quite a strenuous process.”
Buijsrogge also values the communication from the data room and the support from Virtual Vaults: “We frequently use the Q&As. This is linked to our email address, allowing us to respond very quickly if there is an update. It is a safe feeling, that Virtual Vaults is keeping an eye on the situation. If there are problems, we receive support extremely quickly.”
Tips for choosing a data room provider
When it comes to data rooms, BrightOrange can call itself a hands-on expert. What tips does Buijsrogge have if you are also looking for a new provider? “Pay particular attention to the simplicity of the system and the user-friendliness for all parties involved. Also check whether the data room has sufficient capabilities to make adjustments in the interim, for example, in the process of adding new folders and sub-elements. And make sure that everything is stored properly, securely and unambiguously after completion of the deal. That is often a stressful final step, so it is important that you choose a provider who also acts quickly and effectively.”
BrightOrange deliberately chose Virtual Vaults. Buijsrogge is actually a true ambassador: “Do you want a user-friendly data room where all your data are 100% secure? Then you must choose Virtual Vaults. Another important difference with other providers is that you pay based on users. Many other suppliers expect you to pay for the number of files or gigabytes, meaning you don't know where you stand. With Virtual Vaults you do, the pricing is clear beforehand.”
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