A data room is an online storage facility that provides a better method to share files and documents than email. Most commonly used during due diligence during an M&A and M&A transaction, it can be beneficial if a company seeks to attract investors or to carry out other projects that require strict confidentiality.
During M&As, tendering, fundraisers and restructuring projects, many confidential information is shared between different parties. It can be difficult to track who has accessed which information, which versions are being used and when modifications were made. With a data room all the necessary information can be kept in one location, with access granted by an administrator. It’s a great solution to avoid sharing information that is not authorized and ensure the compliance.
Most virtual data rooms include many other features, in addition to storage. Drag-anddrop, bulk upload, optical character recognition (OCR) dynamic watermarking and an advanced search feature can aid in finding documents quickly.
The majority of data rooms provide redaction tools as well as these features. These tools permit users to selectively block parts of a file, without breaking the entire file. This is especially useful in avoiding missing one or multiple instances of sensitive information within documents which could have a significant impact on the outcome of the transaction or project.
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