To reduce the headache of managing tens of thousands of company documents, Memorex’s legal department turned to Intralinks® for a secure, efficient and easy to use, on-demand document exchange and repository.
"I feel like I’ve been freed from the binders behind my desk. With Intralinks, I can finally focus on high-value projects rather than managing documents.”
– Grace Lu, Corporate Affairs Manager, Memorex
Memorex’s legal department managed all of the company’s corporate documents, as well as those of its affiliates, through a system of paper-based binders. The department centralized tens of thousands of documents covering everything from regulatory filings, and contracts to board reports and shareholder meeting minutes.
When information needed to be distributed to internal colleagues, or shared with outside parties, the department would make copies and overnight the documents. A better solution to organize, store and exchange documents was critical.
To support various functional silos and geographically dispersed business units, Memorex required an online document storage and exchange solution that was flexible and easy to use. Security and confidentiality were also paramount. The legal department needed absolute confidence that only those authorized to view, print or save a document would have access, and that a record of who saw each documents and when, would be available.
After a thorough review, Memorex selected Intralinks VDRs. The Software as a Service (SaaS) solution required no additional hardware or software and was up and running in days. Multiple Intralinks VDRs were created—one for each of seven geographic divisions, and one for the parent company. Intralinks scanned and loaded tens of thousands of pages—a process that took only one week. The largest was more than 14,000 pages, with several hundred new pages added every month.
Now the legal team has easy access to centralized, consolidated information, without the worry of different versions being circulated. Documents can be quickly and securely shared with parties around the world without the expense and time previously required.
In January 2006, Memorex announced its acquisition by Imation Corp. The deal was complex, with 10 different banking firms
and more than 100 lawyers, financial advisors, bankers and executives around the world. With Intralinks, Memorex was able to effectively support the review process and provide the legal team with a 40% time savings over its previous paper-based system. An additional benefit of the solution was that individuals who were authorized to access multiple Intralinks VDRs did not have to maintain multiple passwords — they could use their single Intralinks password for all of them. Afterwards, Intralinks created a DVD archive of the exchange and of who viewed each document, providing a complete record for legal or compliance purposes.