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When you’re selling your business or planning a fundraising round, the virtual data rooms help you store sensitive information in one location, with access controlled by the administrator. You can upload documents and files that you can share with potential buyers or investors to review. This can result in process efficiency and speeds up the decision-making and due diligence process.
A data room is usually used in the due diligence phase of M&A transactions, when both parties review documents that are critical to business and negotiate the terms of the transaction. You can also make use of a data rooms for equity and funding transactions, legal proceedings or any other business transaction where you have to share sensitive information.
The majority of data rooms have an array of templates that you can customize according to the type of transaction you are conducting. This lets you create folder structures that have names for documents that are relevant to the task and makes it easier for users to locate what they require. For instance, you can create a folder titled “financial information” and subfolders to hold documents such as accounting or contract reports.
A reliable VDR solution comes with a variety of tools for reporting that will help you monitor and track usage of your data room. This is especially important after your data room has been opened up to a third-party, because it gives transparency and accountability about who’s uploaded which documents and at what time. You should therefore look for an online service that provides this type of reporting, along with ongoing technical and account management support and is usually available 24/7/365.
