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When a company wants to complete an M&A or IPO, it has to exchange a number of documents with potential buyers. These documents are considered confidential in nature and should be securely stored and accessible to bidders on the deal. A virtual data room lets buyers access these files without having to deal with the many papers or travel to the company’s offices. A reliable VDR will also block competitors from accessing these sensitive documents.

In general the data room is comprised of documents regarding financial due diligence like balance sheets, income statement and other reports. In addition, there will be intellectual property due diligence files which provide information on the company’s tangible assets, including trademarks and branding. This kind of due diligence may also include the tax due diligence section which is required to identify and understand the tax liabilities that could be incurred by the company.

Some companies also upload pitch decks and whitepapers to their data rooms. These files give a concise overview to investors who are interested in the issue the company is solving. They will also show how the company is uniquely placed to tackle the issue and what the plan is to solve it. Founders can use their data rooms to provide details about the current fundraising process, which includes executed legal documents and term sheets. A good data room should include an array of reporting tools that provide administrators with a quick overview of user activity, including what documents were viewed and when.