Frequently Asked Questions
What is a virtual data room A virtual data space is an online service that allows businesses to securely store and share sensitive documents used in business. These solutions help businesses simplify workflows and enhance due diligence processes by automating document management and granting specific access control. Data rooms are utilized by businesses for M&A, IPOs and real estate asset management. They also utilize these rooms for other projects that require confidential collaboration and document storage.
Typically, companies use a data room for sharing security documents, including certifications patents as well as other compliance information to potential buyers or business partners to conduct due diligence. Typically this information would be shared via email, making your company vulnerable to stolen credentials, phishing attacks and other threats. You can upload your due diligence documents and control who sees them and when.
When you’re looking for a reliable data room provider, search for one that provides features such as multi-factor authentication and dynamic watermarking and redaction, fence view and comprehensive tracking to ensure that your most important information is kept private. Additionally, you should find a data room that supports the most popular formats like PDF and Microsoft Office so that you can upload all of the documentation you need to submit prior to making a deal.
Finally, a secure data room must have an intuitive and user-friendly interface that will improve collaboration and enable employees to perform their jobs more efficiently. Choose a provider that offers features such as the Q&A tool, mobile application that is downloaded and installed and a central dashboard to ensure everyone is on same page.