V.E.R.A. -- Virtual Entity of Relevant Acronyms (February 2016):

BITS
       Background Intelligent Transfer Service (MS, Windows)


The Jargon File (version 4.4.7, 29 Dec 2003):

bits
 pl.n.

    1. Information. Examples: ?I need some bits about file formats.? (?I need
    to know about file formats.?) Compare core dump, sense 4.

    2. Machine-readable representation of a document, specifically as
    contrasted with paper: ?I have only a photocopy of the Jargon File; does
    anyone know where I can get the bits??. See softcopy, source of all good
    bits See also bit.