A data room is a secure system for online document storage that can be utilized for sharing and exchanging confidential documents. It is commonly used in the due diligence phase of the closing of a deal but it’s becoming increasingly used for other reasons, such as fundraising and business restructuring.
Data rooms are designed to make it easier and assist in the due diligence process. They enable companies to share sensitive documentation with potential investors and partners in a secure, intuitive and easy-to-use environment. They are suitable for a variety of business transactions, including mergers and acquisitions (M&A) as well as joint ventures, capital raising restructuring, listing on the stock market and debt financing.
Users can be invited based on their contribution or role in a project, using a list of pre-defined email addresses. The user may be granted or restricted access to particular folders, documents or the entire contents of the data room. This ensures that only those who are entitled to see the information can do so and helps to ensure that there is no unauthorised sharing. Detailed user audit trails are made available to ensure that all can track who has seen what and when – vital for legal reasons.
Watermarking, role-based security, virus scanning, and encryption of data are just a few of the features that offer solid security. The system can be set up 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 reduce operating costs.
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