What Is an Online Data Room?

What Is an Online Data Room?

Online data rooms are an easy and secure platform for sharing and working on sensitive documents. They are utilized in a variety projects requiring high levels of security and privacy. These include M&A transactions as well as private equity and venture capital financing, lending, loan syndication, and litigation support.

Online deal rooms are an excellent tool to use for M&A due diligence, when both sides of the buy-side need to prepare and go through a lot of documents. Having all the documentation in a single, secure place allows both parties to make informed decisions quickly and reduces the chance of deal failure due the discovery of sensitive data.

To safeguard sensitive data the majority of virtual data spaces have restricted document permissions that permit administrators to set access rules for each folder and file within 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. Additionally, the majority of VDRs have security certificates that confirm their reliability like ISO 27001, SOC 1/2/3 GDPR, and HIPAA.

Online deal rooms are known for their seamless integration via APIs to existing tools and systems. This allows them to be compatible with a variety of popular software and applications, including Microsoft Office, email, chatting apps and more. This improves workflow, enhances communication and collaboration. Furthermore, many deal rooms offer 24-hour support via multiple channels and provide a variety of training videos to help users get started.

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