Online data rooms are a user-friendly, secure platform for sharing and working on sensitive documents. They are utilized for a range of projects which require high levels of security and privacy. They include M&A transactions and private equity and venture capital financing, lending, loan syndication, and litigation support.
Deal rooms online are an excellent tool to use for M&A due diligence, when both the sell-side and buy-side have to prepare and go through a lot of documents. Having all of the documentation in a single, safe location lets both parties make informed decisions quickly and reduces the chance of a deal being ruined due to the discovery of sensitive information.
To protect sensitive data, the majority of virtual data rooms have specific document permissions that allow administrators to establish access rules for each folder and file in the repository. They can also enable redaction, fence view (which blacks out certain areas of files to ensure personally-identifiable data stays private) and prevent screenshotting. Most VDRs also come with security certifications to prove their reliability. They include ISO 27001 and SOC 1/2/3.
Another key feature of online deal rooms is that they permit seamless integration with existing systems and tools through APIs. This makes them compatible to a variety of popular applications and programs, including Microsoft Office, email and chat applications. This dramatically streamlines workflow and enhances collaboration and communication. Many deal rooms on the internet offer round-the-clock customer service through multiple channels, as well as paperless board meeting a range of training videos to get users started.
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