A data room is an online secure document storage platform that allows users to share and exchange confidential documentation. It is look these up commonly used in due diligence during the closing of a deal but it’s also increasingly used for other purposes like fundraising and business restructuring.
Data rooms are designed with the purpose of streamlining and assisting the due diligence process. They allow companies to share sensitive documents with potential business partners and investors in a secure, easy and user-friendly environment. They can be used to support various business transactions, including mergers and acquisitions, capital raising, joint ventures, restructuring, stock exchange listings and debt financing.
Users can be invited by either a customized or pre-set list of email addresses based on their role or contribution to the project. The user can be given or restricted access to certain document groups, folders, or the entire contents of the data room. This makes sure that only those who are entitled access to the information can do so and helps to ensure that there is no unauthorised sharing. User audit trails for each user are made available to ensure that all can know who has viewed what information and when – crucial for legal reasons.
Watermarking roles-based security, watermarking, virus scanning, and data encryption are just a few of the features that offer strong security. The system can be configured to meet specific compliance standards for the biotechnology, legal and medical fields such as ISO 27001, GDPR, GCP and HIPAA. This will increase efficiency and lower operating costs.