What Is an Online Data Room?
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A data room online is a safe user-friendly and safe platform for sharing and working on sensitive documents. They are used in a wide range of projects that require high levels of security and privacy such as M&A transactions, private equity and venture capital financings as well as loan syndication and lending as well as due diligence and litigation support.
One of the main reasons to use online deal rooms is M&A due diligence, where both buy-side and sell-side companies must prepare and review huge volumes of documents. Having all of the documentation in one secure location lets both parties make quick and informed decisions. It also reduces the chance of a deal failing due to the discovery of sensitive data.
To protect sensitive data, the majority of virtual data rooms have granular document permissions which allow administrators to specify access policies for every 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. In addition, many VDRs have security certifications to demonstrate their reliability, such as ISO 27001, SOC 1/2/3, GDPR and HIPAA.
Online deal rooms are also distinguished by their seamless integration through APIs that work with existing tools and systems. This makes them compatible to numerous popular apps and programs, like Microsoft Office, email and chatting apps. This streamlines the workflow, enhances communication and collaboration. Many online deal rooms offer 24/7 customer service via various channels, as well as a range of training videos to get users to get started.
