A virtual data room is exactly what it sounds like — an online database that stores documents. The purpose of a virtual data room is to store and distribute documents for secure transactions, such as in the due diligence process such as in real estate and business transactions like mergers and acquisitions.
Traditionally, a physical data room was used for these transactions. Stakeholders could review or sign documents in the room, which had to be monitored for security and confidentiality. Only one person could be in the room at a time, and copying or printing were strictly prohibited. This slowed down the transaction process significantly.
A virtual data room makes it possible to create the same security and confidentiality by creating online spaces that can only be viewed by certain users and by using encryption methods that can limit the manipulation of data.
This is really easy to set up a virtual data room. You can either create a password-protected extranet (with encryption) or you can use a service provider to create your virtual data room for you.
Here are some of the leading providers for virtual data rooms:
Ansarada :
Ansarada specializes in mergers and acquisitions, and they have handled transactions for people in over 3100 cities. The company specializes in building simple interfaces that any person can use.
Data Rooms :
Data Rooms offer flexible packages to meet your individual needs. Packages focus on the page level to improve efficiency and ease for completing transactions.
V-Rooms :
Get a virtual data room with unlimited users and administrators with V-Rooms. You can set up a package with the features you need and custom pricing so you can meet your budget. There is also round-the-clock support.
Deal Interactive offers secure virtual data rooms that allow you comprehensive tracking. You can look at logs for each file and user profile to monitor activity. You can also get a customized package and 24-hour support.
Brainloop specializes in providing solutions for a variety of needs, from document compliance to project finance to due diligence. Brainloop supports both small and large clients, and offers custom packaging to meet your needs.
If you need a virtual data room, it’s best to work with a professional who can give you tailored advice to make sure you get the services you need. You’ll then have a convenient and secure solution that will speed your transactions and improve your business.
What other service providers have you used to set up a virtual data room? Share your picks in the comments!
Author made a real research of this service. I thing it would be very useful for any company to use such virtual data rooms to manage documents. How much money and time can be saved! Dear Author, if you have a possibility, please write a review about some most popular data rooms.