Aleksandra Porębska-Nowak and Aleksandra Prusator, Co-founders and Members of Board
The real estate industry has traditionally been one of the slowest to adapt to the trends of the digital age. Many from the industry would argue that the COVID-19 pandemic has accelerated the digitization wave and pushed PropTech development forward, but there are many stakeholders, slouching back in their shells and not making any attempt at taking the digital transformation route. Still adhering to the legacy approach, they continue to face several unique challenges in their daily operations. One of the prominent issues confronted by the organizations in the real estate space is securing, managing and accessing data, which becomes worse as the amount of information increases. Also, as commercial real estate business involves several people, stringent regulations and strict time limits, a dynamic and secure solution is highly essential to carry out operations smoothly. To help these organizations realize the opportunities that right digital technology can bring and address the data management challenges, FORDATA has developed an intuitive Virtual Data Room (VDR) solution. It is an IT system used for the safe and controlled sharing of confidential documents with other entities, including advisers, auditors, potential investors, and business partners. “Our mission is to fill the technology void in the industry and help organizations across different sectors navigate the change and capitalize digital technology’s full potential. We want to become #1 provider in sensitive file sharing for B2B on every market we serve”, states Aleksandra Prusator, co-founder and Member of Board of FORDATA.
Established in 2009, FORDATA has been instrumental in offering effective ways to share confidential documentation online with third parties for various industry sectors. The company serves various sectors including M&A, commercial real estate, energy, and life sciences, to promote best information security practices among professionals involved in their companies’ strategic projects.
We want to become #1 provider in sensitive file sharing for B2B on every market we serve
“With the help of our online tools, the biggest local and international companies successfully conduct investment processes, audits, financing and other deals,” says Prusator.
Speed, ease, flexibility, and security has been the hallmark of FORDATA’s online tools. Whether it is a single sale of commercial real estate or the implementation of multiple transactions within the project, FORDATA solutions allow real estate companies to optimize data sharing without worrying about the documentation volume, the number of experts involved or how much attention is paid to security. Specifically, the Due Diligence projects in the real estate sector always include large numbers of documents and data. There are .dwg files along other specific file formats shared in these projects, which are large and often unsupported by popular channels. To access and transfer such files quickly and securely, one needs to have a robust system. FORDATA’s system provides the speed to load and read these files comfortably. “Moreover, our system accepts all types of files, so project owners need not worry about the files that need to be sent via other channels, which might bring chaos to the Due Diligence process and slow it down,” explains Prusator.
As an online solution, FORDATA’s VDR allows a significant number of people to work on the project simultaneously. Investors, auditors, and advisors can access documents and files securely from their workplace and communicate within expert groups and with Virtual Data Room administrators from a single location. By securing the transaction and delivering safe and fully controlled exchange of documents, FORDATA’s VDR saves cost and time for customers while conducting due diligence with investors. Real estate agencies also receive detailed reports on the activity in the data room and find out which documents were reviewed and how often, and which investor is most interested in the transaction.
What’s more? FORDATA’s online tools are flexible in terms of system components choice, duration of the project, and changing circumstances. The company also provides clients with an extensive set of documents regarding data compliance, GDPR and data security needed for internal certification of its suppliers.
Furthermore, the company’s 24/7 customer service is worth noting. It is a proactive service; meaning they can predict challenges and offer solutions before some issues take place. Ninety-five per cent of cases are solved instantly by their first line support team, which adds to speed.
"With the help of our online tools, the biggest local and international companies successfully conduct investment processes, audits, financing and other deals"
“With hundreds of finished projects involving users from around the world, we know from experience that speed translates to success in all instances, and our technology and customer support are top-class. Clients’ success proves it,” states Aleksandra Porębska-Nowak, IT Director at FORDATA. To highlight one of the customer success stories, Porębska- Nowak cites a scenario where JSW SA, the largest producer of high-quality hard coking coal in the EU, turned to them to deploy VDR. Although it was an expensive project, there were barely 500 documents to be distributed, but the information control was crucial. Each bank had to be granted a different set of access rights to files. The company feared losing control over data flow and communication via email in this project was merely impossible. FORDATA’s VDR gave them the ability to decide on the level of access to data (i.e. who uses the data and to what extent) and to track the activity of process participants (i.e. who and when downloaded the relevant materials), as well as ensuring the sending of notifications about new documents. The process went smooth, fast and fully secure. “This is what we do, we help people communicate in their super-sensitive projects and if this requires crossing frontiers, we will not stop there,” emphasizes Porębska-Nowak. Unlike big vendors in the USA or UK, FORDATA, as a boutique company, is flexible enough to provide bespoke services with the dedicated help of the team, not just pre-scripted customer support.
With such unparalleled capabilities, an exceptionally bright future awaits FORDATA. Having been in the industry for over 11 years and gaining an in-depth understanding of local markets and global trends, FORDATA strengthens its position as the top Virtual Data Room in CEE & Baltics region. Especially during this coronavirus pandemic, where remote working has become the norm, FORDATA is going extra miles to provide the highest level of data security, no matter the size and type of the enterprise, so companies can safely share confidential data internally and externally.