It is impossible to make a crucial business decision without the right information. But in the past, getting this information meant sifting through the tens of thousands of secret documents – a process that posed a huge security risk and could cost businesses a lot in terms of lost opportunities, hefty lawsuits, or even worse.
The newer option is a virtual data room, which is a safe place to store and share documents, images, and data with people who need to be able to access it (such as stakeholders in an M&A deal). They can be used to perform due diligence for an acquisition or tender, capital raising as well as for any other major business transaction. They store everything from financial reports to technical drawings and patents in a secure, controlled environment.
The platform allows for unlimited users to work on their own without compromising data integrity. Permissions for access to specific documents can be set at the folder and document levels. A robust search function lets users locate the information they require quickly and easily. Internal team messaging tools can help reduce the need to switch between various applications, which can increase productivity during due diligence.
In addition redaction tools can be useful to prevent sensitive information from falling into the unintentional hands. Manually deleting large documents can be a time-consuming process, and it increases the chance of omitting the entire document or multiple instances. This could have a major impact on the outcome of a transaction. Choose a service who introduction to the virtual due diligence data room offers a flexible package that can be adjusted according to your requirements.