No one wants to make a crucial business decision without the right information. But in the past, getting that info meant combing through tens of thousands of highly private documents – a task that could pose a significant security risk and could end up costing companies a fortune in terms of lost opportunities, hefty lawsuits, and even more.

The latest option is a virtual data room, a safe place to store and share documents, images and information with people who need to be able to access it (such as parties in an M&A deal). They can be used to perform due diligence for acquisitions or tender, capital raising or any other major business transaction. They store everything from financial reports to technical drawings and patents in a safe, controlled environment.

With access permissions that are flexible and can be set on document and folder level Unlimited users are able to use the platform without risking data integrity. A robust search feature lets users to quickly and easily find the information they require. Tools for team communication within the company can cut down on the need to switch between several applications, increasing productivity during due diligence.

Redaction tools can also be helpful in preventing sensitive information from falling into the improper hands. Manually deleting content from large documents is time-consuming and increases the risk of missing single or multiple instances which could have a significant impact on a deal outcome. Look how to use data room solution for a service provider who offers a flexible package that can be adjusted as your needs change.