NEW YORK: NASDAQ OMX has entered the $628 million virtual data room industry with the launch of WorkSpace, a cloud computing platform that will help communicators and executives share and store sensitive corporate information.
Launched on Monday, WorkSpace is part of NASDAQ OMX's corporate solutions group. The virtual data room allows users to protect sensitive and proprietary information online, update it in real-time, and collaborate with colleagues on issues such as mergers and acquisitions, IPO preparation, bankruptcies and restructurings, auditing, reporting, market research, and fundraising. WorkSpace also offers an iPad app to give users mobile access to the platform.
The target audiences for the product are on both the corporate and capital market sides, including IR and corporate communications executives, the private equity and VC community, and M&A, real estate, and law professionals, said Demo Skalkotos, SVP and head of corporate solutions at NASDAQ OMX.
“Every corporate department wants a secure room with mobile capability. For example, if the marketing department is launching a new product and wants a secure room that's top secret, they can use the virtual data room to conduct collaborative meetings and share documents and collateral prior to the launch,” Skalkotos explained.
The cost of WorkSpace depends on the number and size of rooms purchased, he added. WorkSpace stands on its own but can also be integrated with other NASDAQ OMX products.
NASDAQ OMX is in the midst of acquiring Thomson Reuters' public relations, investor relations, and multimedia services businesses in an expansion of the exchange operator's corporate solutions group. The company plans to close the deal in the next few months.