There will be a vast number of sensitive documents that need to be made accessible to both parties when a business participates in mergers or acquisition. This was traditionally done in a physical location which allowed teams and individuals to access the information and perform their due diligence. However, this was time-consuming and expensive to organise because people had wait until the previous team had left before they could access the room.
The introduction of virtual datarooms has made this process much more efficient and affordable. This new technology allows groups and individuals to access the data from any location that has an internet connection, which means that they can perform their due diligence from the comfort of their offices, without having to travel long distances to a physical location. This can save money on travel, accommodation and other costs. This is particularly useful for small businesses who may not have the funds to cover these costs.
Furthermore virtual data rooms come with a myriad of features that are beneficial to businesses in the management of this type of sensitive information. These features include redaction, fence view (which blacks out areas of files so that personally-identifiable information stays private), granular access permissions, multi factor authentication, watermarking and even the ability to Click This Link track downloads and disable screenshots. In addition, many established virtual data room providers offer a trial period for free to users who want to test their services before committing to using them.