Due Diligence Data Room, cloud-based platform that stores and exchanges sensitive information, is a great option to store and exchange sensitive information. It is commonly used for M&A capital raising, IPO, and divestiture processes.
Due diligence is the method by which companies disclose their assets and business to prospective data security buyers in a purchase contract. During the review process, parties exchange confidential documents which must be kept private for reasons of privacy. Often, the review involves multiple experts from various fields who must access and comment on files. This could make the review time-consuming and expensive. A virtual dataroom streamlines the review process and lowers costs for all parties.
A reliable online tool for due diligence allows users to upload and organize their due diligence files into folders, with indexing tools and other navigation features. It should also provide user activity monitoring, which provides information about who has viewed what and when, as well as for how long.
Users should be in a position to import pre-designed templates for due diligence requests, which will speed up fulfilment of requests. They should be able, in turn, to create their own groups, assign tasks to them and communicate with them, as well as adding more users to the data room. Idealy, they should have access to the platform without needing to install or download any software. The most effective due diligence rooms offer various layers of security, as well as top-quality security practices. iDeals Solutions offers, for instance, eight levels of granular access as well as a range security certifications.