Closing any business deal, from the issuance of bonds and other financial instruments, to mergers and acquisitions, can be a risky, highly stressful event in this business environment. Participants cite a lack of control as a primary frustration, since most closings are at the mercy of external entities that can affect critical timetables, such as the postal service or bicycle messengers carrying vital time-sensitive documents. Forced to rely upon faxes or e-mails in multimillion dollar deals, participants also cite electronic security concerns. Yet millions, and sometimes billions, are at stake. For this reason, Wilmington Trust has developed Cyberclosing, a tool to better manage, and close transactions and maintain transaction records. Cyberclosing is built upon Documentum eRoom, a collaborative platform that creates a secure, confidential team workspace on the Web.
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