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Once a company has convinced investors it is ready for due-diligence, the next step often is to open up their «dataroom». The virtual storage space houses the documents that investors will be looking over and will help the company structure them in a manner that makes it easy for them to find and understand.

Virtual data rooms are the most frequent method to carry out this process online. In the past, this was conducted in a physical space. They are designed to provide a safe environment for businesses to store sensitive information.

This means that businesses only pay for the software required and can save money on things like paying security guards to monitor a physical room. There are numerous providers of virtual data rooms, which vary in their features and prices therefore it is crucial to research and select one that is suitable for your business.

Some offer an easy document management feature while others, such as iDeals, Citrix or Datasite provide more advanced tools such as multilingual search, bespoke analytics and data tracking, OCR and smart AI categories for documents, among other features. After a startup has picked a provider, it should decide what documents to include and what sort of folder structure will work best for their needs. For instance, arranging financial documents, legal documents, contracts and other information is essential to make it easier for potential buyers to access the information they require.