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A data room is an electronic vault used to store sensitive information. Data rooms are used to facilitate diverse transactions, such as mergers and purchases, fundraising, initial publicly traded offerings (IPOs) and legal proceedings. In the past, companies were able to share documents via spreadsheets and email. This was unsafe and inefficient for sensitive data since it’s easy to forget which versions of documents are being sent and who has access. Data rooms can solve these issues by allowing a central location to share documents with multiple parties simultaneously and include advanced security features like redaction, fence view and activity tracking.

The most well-known use for a data room is mergers and acquisition deals. During due diligence, buyers will need access to a large amount of confidential documents. A virtual data room enables buyers to examine the documents without having visit the office of a seller and saves the company money on overhead expenses.

There are numerous virtual data rooms that offer various capacities, prices and features. Select a provider that meets your needs in terms of security and storage capacity.

Once you’ve created your data room, upload your data and arrange it in a folder structure that is reflective of the transaction. Make sure to clearly label the folders and documents to ensure that the stakeholders are able to easily locate what they need. Additionally, consider adding metadata to documents so that they can be searched and categorize. This will cut down on the time required to review documents, and increase transparency and accountability if there are any issues regarding the document’s content.