Frequently Asked Questions
What is a secure information room? A virtual data room is a solution in the cloud that is designed to provide secure storage and sharing of sensitive documents for business. These solutions assist businesses in streamlining workflows and enhance their due diligence processes through automated document management and the ability to control access. Typically, businesses turn to data rooms for M&A transactions, IPOs, real estate asset lifecycle management, as well as other projects that require private collaboration and document storage.
Most often, companies use a secure data room to share security documents such as patents, certifications, and other compliance information to potential buyers or partners to ensure due diligence. The information was typically communicated via email. This made your company exposed to phishing, theft of credentials and other risks. You can upload your due diligence documents and control who can access them and when they are seen.
When searching for a data room provider, look for one that provides features like multi-factor authentication and dynamic watermarking, redaction, fence view, and complete tracking to ensure that your most important data remains private. Also, look for a data room which supports the most commonly used formats like PDF and Microsoft Office so that you can upload all of your documentation prior to signing the deal.
A secure data room should have a simple, user-friendly interface that improves collaboration and enable employees to work more efficiently. You should look for providers that provide features like a Q&A feature as well as a mobile app that you can download, and a unified dashboard so everyone is on the same page.