A data room is a digital space that is secure and safe for confidential documents. These are typically used to conduct due diligence during business transactions, IPOs, and court instances. Data rooms are also employed by businesses that have to collaborate on collaborative projects with several parties.
In the past physical rooms were the most common method to conduct due diligence in an transaction. These were expensive, and required a lot of planning to manage meetings in person. With a virtual data space due diligence can be performed faster and much easier. A virtual data room is a cloud-based sharing tool that enables participants to access files from anywhere in the world without the need for an in-person meeting. A virtual dataroom has advanced features like document tracking and control of version. It also permits simple collaboration.
When you’re working on an acquisition or merger, or raising capital, having all the necessary people in one location to sign and review documents is key. However, it can take a long time, is inefficient, and extremely frustrating. Email is a notoriously chaotic way to send documents, and with increasing phishing attacks and increasing, it’s more essential than ever to adopt an improved method of due diligence.
With PandaDoc, you can create an online data room in just a few minutes and use it to streamline the process of preparing documents. You can upload any number of documents to the dataroom and make use of guided signatures to get all signatures required. Start now!