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A data room is a safe digital location that stores sensitive confidential documents and data. They are used to conduct due diligence in business transactions, IPOs and court proceedings. Companies that need to collaborate with different parties for shared projects can also use data rooms.
In the past, physical data rooms were the most common way to conduct due diligence during a transaction. They were costly and required a great deal of planning to organize meetings in person. Due diligence is easier and faster with the help of a virtual dataroom. A virtual dataroom is a cloud-based software for file sharing that allows participants to access documents from anywhere in the world, without having to have an in-person meeting. Virtual datarooms have advanced features, like document tracking and control of version. It also facilitates easy collaboration.
If you’re planning an acquisition or merger or raising capital, getting all the relevant people in one location to sign and review documents is essential. However, it can be time-consuming, inefficient, and extremely frustrating. Email is notoriously chaotic method of sharing documents. With the rise of phishing attacks and the threat of phishing increasing, it’s more crucial than ever that you change to a more thorough due diligence method.
PandaDoc lets you create data rooms in a matter of minutes, and simplify your documentation. You can add any number of documents to the dataroom, and make use of guided signatures to get all the signatures needed. Start today!
