Not long ago, the concept of a data room was vastly different to today. As little as 10 years back, if a company wanted to sell an asset, find investment, or do anything requiring disclosure of confidential information, their only option was to fill a room with all the relevant paperwork to satisfy potential buyers and investors. Interested parties would travel to visit the room in turn and carefully read through each of the documents. If they missed any detail, they would have to make arrangements to return to the room once again to search through the piles of documents.
Fast forward to today, and thankfully data rooms no longer require a single physical space. Today’s data room is virtual – a highly secure online portal, accessible remotely to multiple parties simultaneously wherever they may be. A virtual data room portal enables the entire due diligence process to be managed far more efficiently and securely.
With a virtual data room, documents are uploaded to an indexed view. The owner of the data room can then control the level of access each user has, from viewing online only to printing or downloading for further offline review. Security permissions can be varied by document or by user, allowing the data room administrator to have full control over even the most complex of transactions to keep things moving quickly and seamlessly. And throughout a project, every user’s activity is tracked to create a detailed audit trail, offering both a deeper insight into potential buyers and investors, and peace of mind for all involved.