If a company is taking part in a business acquisition or merger there will be a significant amount of sensitive documentation that must be made accessible to both parties. In the past the process was conducted inside a physical space where individuals and teams could go in and gain access to this information while doing their due diligence. However, this was very time-consuming and expensive to arrange because people would need wait until the previous team was gone before anyone else could enter.
The introduction of virtual datarooms has made this process simpler and less expensive. This technology allows individuals and groups to access this information from any location that has an internet connection. This means that they can carry out their due diligence from their offices instead of having to travel long distances to the physical location. This can help save the cost of accommodation, travel and other costs. This is especially beneficial for small-sized businesses that may not have the resources to cover these expenses.
Virtual data rooms can also offer additional features that can be very beneficial to businesses managing sensitive data. 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 track downloads and disable screenshots. Additionally, many reputable virtual data room providers offer a free trial period for users to try their services prior to committing to using them.