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The most popular use-case for an online data room is for due diligence in M&A deals. The sell-side requires an encrypted platform to store all of the documentation for review and the prospective buyer needs an easy access point to review it easily. A simple user-friendly VDR will assist you in closing these deals.
Other uses for the VDR include the formation of strategic partnerships and taking private companies public. These types of projects require extensive sharing of documents and collaboration between partners from different locations and time zones. Virtual data rooms allow for the swift transfer of information that can help accelerate the decision-making process and facilitates smooth communication and collaboration between partners.
There are numerous vendors who offer an online data space. Some of the more well-known ones are Intralinks, Merrill Corp, Ansarada and Firmex. Many of these vendors provide a free trial or have a low-cost introductory plan. They typically charge according to the amount of storage used or the amount of time the online data room is in operation. Some law firms with sophisticated M&A practices provide an online dataroom for their clients.
The most effective online data rooms are easy to use and have a clear layout that is equally easy to comprehend for the CFO as well as for the entry-level accountant. They also offer a variety of deployment options and a single sign-on to all of a company’s projects. Some of the top-rated providers allow custom branding of virtual data rooms to reflect an organization’s image and its terms of service. They also have a dedicated support staff available to answer any questions.