A data room is a safe digital location that stores sensitive, confidential documents and information. They are used for due diligence in business transactions, IPOs and court proceedings. Data rooms are also used by businesses that have to collaborate on projects shared by several parties.
In the past physical data rooms were the standard way to conduct due diligence in a business transaction. They were costly and required an extensive amount of planning to coordinate in-person meetings. Due diligence is simpler and faster with a virtual dataroom. A virtual dataroom is a cloud-based application for file sharing that lets users access documents from anywhere in the world, without the need for an in-person meeting. A virtual dataroom has advanced features, such as document tracking and control of version. It also facilitates simple collaboration.
When you’re working on an acquisition or merger or raising capital, getting all the relevant people together to sign and review documents is crucial. But it can also be time-consuming, inefficient, and extremely frustrating. Email is notoriously unorganized way to share documents. With an increase in phishing attacks it’s now more crucial than ever to switch to more effective methods of due diligence.
PandaDoc lets you create data rooms in a matter of minutes, and simplify your documentation. You can add any number of documents into a dataroom, and then use guided signatures to collect all the signatures needed. Start today!