When making major business decisions, nobody would like to make a decision without knowing the full facts. In the past getting this information required sifting through thousands of highly confidential documents. This was security risks, and could have incurred huge costs for businesses, in terms of lost business opportunities, terrible lawsuits, and even more.

The latest option is a virtual data room, which is a secure location to store and share documents, images and information with those who have to have access to it (such as those involved in an M&A deal). They can be used for due diligence in an acquisition or tender process, capital raising or any other major business deal, storing everything from financial reports to patents to technical drawings in a controlled environment.

The platform allows for unlimited users to work, without compromising the integrity of the data. Granular access permissions can be set at the folder and document levels. A powerful search feature lets users locate the information they need quickly and easily. Tools for team communication within the company can help reduce the need to switch between several applications, increasing productivity during due diligence.

In addition the redaction tools are invaluable to keep sensitive information from falling into the wrong hands. Manually taking down large documents can be a time-consuming process and can increase the likelihood of missing one or more instances. This could have a major impact on the result of a deal. Additionally, choose an organization that has an affordable subscription that can be adjusted when the needs change.