A data room is a secure online repository used to store confidential documents, and to provide restricted access for viewing and evaluation. It’s a powerful tool that can be utilized in a variety of projects which require sharing of documents and professional storage and management of files for everything from M&A to tenders and capital raising.
Contrary to the standard cloud storage options, the information shared in a data room may be highly sensitive and confidential and any loss of this information could be devastating for an organisation. Data rooms have advanced security protocols that protect against the unauthorized access. This is not possible with conventional cloud storage.
Due diligence is the most frequent use of a room for data during a transaction. This may require an exhaustive review of tens or even thousands of highly sensitive documents. It’s crucial that the right people are able to conduct this review in a safe environment. A virtual data room can help.
When selecting a data room make sure you check the certified certificates of the provider and search for features such as multi-tier access and granular control on user activities. Also look for tools for reporting like Q&A tools, reporting tools, and other tools. Also, look into software review platforms to find out what others have to say about their experience with a particular provider.
iDeals is a great platform for due diligence with great support and easy to use interfaces. We’ve used it on a number of transactions and would recommend anyone looking for a secure platform to share sensitive data.