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What Is an Online Data Room?

Online data rooms are a user-friendly, secure platform for sharing and collaborating sensitive documents. They are used for a variety of projects which require high levels of security and privacy. These include M&A transactions, private equity and venture capital loans, funding, loan syndication, and litigation support.

One of the main uses for online deal rooms is M&A due diligence, where both buy-side as well as sell-side businesses need to prepare and review massive volumes of documents. Having all of the documentation in one safe location lets both parties make quick and informed decisions. It also reduces the chance of deal failure due the discovery of sensitive data.

To protect sensitive data, the majority of virtual data spaces have specific document permissions that allow administrators to specify access policies for every folder and file within 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. Additionally, the majority of VDRs have security certifications to verify their credibility like ISO 27001, SOC 1/2/3, GDPR and HIPAA.

Online deal rooms are also characterized by their seamless integration through APIs with the existing tools and systems. This allows them to be compatible with a variety of popular applications and programs, including Microsoft Office, email and chat apps. This streamlines the workflow, improves communication and collaboration. Furthermore, many deal rooms provide round-the-clock support through multiple channels and offer a range of instructional videos to help users get started.

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