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There are various types of data rooms. Some are targeted towards specific industries or project and have specific usage cases. Others are more general and provide a wider range of tools. You should select a service with a good balance of features and price. Check out how users have rated a company’s software on independent review platforms, and be aware of the features the company offers for their cost.

Due diligence

The most common use-case for a virtual data room is due diligence in mergers and acquisition deals. The buyer has to review large volumes of confidential documentation. This can take a lot of time however, with the help of a virtual data space, documents can be reviewed remotely, without needing to travel.

Virtual data rooms may also be used to raise funds or business restructuring as well as bankruptcy cases. These are often complicated and sensitive processes requiring the examination of important documents to ensure that the deal is financially advantageous for both parties.

It is crucial that a virtual data room is able to grant access to users that can be configured on an individual level, as well as a folder level. This is particularly important in due diligence scenarios in which access is usually limited to the administrator and a few of the buyers’ advisers (also called a “Clean Room”). In addition a virtual data room should include a rich text editor that allows users to add comments to any document stored in the platform. This lets the other party be able to see any areas of confusion and clarifies certain issues.