Online Data Room is a software platform that allows for the storage, sharing, and managing sensitive documents. It gives secure access to files on any device and eliminates the requirement for physical meetings, increasing efficiency and productivity. The most effective online datarooms are easy to use, and come with features like document tagging, customization and tagging, NDA support and more.

Due diligence is an essential aspect of any business transaction. It requires sharing confidential information with a variety of parties. In the past this was often done using large files of paper that were easily lost or stole. Today, virtual datarooms allow companies to conduct due diligence remotely, without risking security or confidentiality breach.

The majority of the time the online data rooms can be used to conduct mergers and purchases. During this process buyers require access to huge amounts of documents. A virtual data room allows for buyers to look over these documents, eliminating the need for them to visit the office of the seller and decreases the overall cost of the deal.

Many companies make strategic partnerships to manufacture products or services, enter new markets or raise funds. These types of partnerships typically involve contracts and require frequent document exchanges. Secure online datarooms allow companies to share contracts that are sensitive with partners. This allows them to work quickly and effectively together while securing intellectual property. Virtual data rooms monitor the actions of each user, giving administrators an understanding of how partners work with files.