PRODUCT UPDATES New feature - Excel file anonymization and more!

With the launch of the latest update to the VDR’s built-in Redaction Tool, Fordata is the only Virtual Data Room provider to enable the anonymisation of Excel files. That’s not all – our tool is one of the most advanced on the market – we have enhanced it with the option to redact data in documents in 18 different formats, including Excel, Word, PowerPoint or PDF files.

In October 2023, we added a basic version of the Redaction Tool to the VDR, which we expanded to include artificial intelligence mechanisms in February. Since then, we have received many positive reviews. Following customer needs, in this iteration we are adding further enhancements – increasing the number of supported file formats. Until now, VDR’s built-in Redaction Tool only allowed redaction of PDF files. From now on, both the basic and AI-enabled versions will handle file formats:

• PDF
• Microsoft Word – DOC, DOCX
• Microsoft PowerPoint – PPSX, PPT, PPTX
• Microsoft Excel – XLS, XLSX, XLSB, XLSM, XLTX (as the only ones on the market!)
• Other formats – CSV, MSG, ODS, ODT, RTF, TXT, XML

This update opens up a whole new range of possibilities for Fordata’s customers who want to protect confidential data and also remain compliant with GDPR and other regulations. Not only PDF files are loaded into the VDR, but also many legal documents in Word format or financial documents in Excel format. The latter in particular are sensitive, and have been neglected by the industry so far. Fordata is changing this and makes it possible to redact confidential data in rows, cells or entire columns of Excel files, i.e. .xsl, .xlsx, .xlsb, .xlsm, .xltx. It is up to the client to decide whether it redacts this information manually or automatically.

The update further enhances the security and confidentiality of the data shared in the data room. And, most importantly, it allows you to replace manual work with automatic rules and save time, so valuable when conducting M&A processes. If a transaction requires hiding information in documents – e.g. selected amounts in Excel, company names, personal data in Word contracts – the client can redact them out, regardless of the file format, in 4 simple steps:

• Step 01: Automate your work
  Automatic rules themselves search for specific, user-designated types of information throughout the document, e.g. company names, email addresses, first and last names. Alternatively, the user can search for specific words or phrases in any language. The system automates the process by identifying all instances that can be anonymised with a single click. Our statistics show that the tool improves precision by up to 80% over manual work.
• Step 02: Check and confirm
  As administrator of the Redaction Tool, you have a complete overview of what the system has automatically indicated for redaction. With a single click, you can confirm or reject the proposed changes or make them yourself.
• Step 03: Publish
  For greater flexibility, administrators can store different versions of documents – both redacted and unredacted – to suit different phases of a transaction. Meanwhile, you can be sure that investors or auditors will only have access to the approved and published version.
• Step 04: Undo
  Effortlessly go back to the original document when the time is right. As the transaction progresses, you can easily go back to edit the document to modify the editing criteria or restore the original, unedited document – all with a single click.

The latest update to the VDR opens up new possibilities for users to redact data, especially the much anticipated – Excel files. This is another step forward in our ongoing commitment to provide a superior product and meet the needs of the market.

If you have questions about this update or would like to learn more about our services, please contact us. We are here for you! You can also sign up for a free 14-day trial to see the tool in action.