Frequently asked questions
What is a virtual data room What is a virtual data room? It is an online solution that allows companies to securely store and share sensitive documents used in business. These solutions assist businesses in streamlining workflows and improve their due diligence processes by implementing automated document management and granular access control. Data rooms are used by businesses for M&A, IPOs and real estate asset management. They also use them for other projects requiring secure collaboration and storage of documents.
Most commonly, companies use a secure data room to communicate security documents such as patents, certificates and other information regarding compliance with potential buyers or partners to ensure due diligence. The information was typically sent via email. This made your company exposed to phishing, theft of credentials and other risks. You can upload your due diligence documents and control who can access them and the time they view them.
Look for a provider with features like multi-factor authentication and dynamic watermarking. Also, consider fence view, extensive tracking and redaction. These will ensure that your personal virtual data room data remains private. Find a data room which supports the most widely used file formats, such as Microsoft Office and PDF, so you can upload all your documents prior to signing a contract.
Additionally, a secure information room should have an easy and user-friendly interface to improve collaboration and allow employees to perform their jobs more efficiently. Look for providers that have features such as an interactive Q&A tool, a mobile app that is downloadable and a dashboard that is unified to ensure everyone is on the same page.