There will be an enormous number of sensitive documents that have to be accessible to each party when a company participates in a merger acquisition. The process was usually conducted in a physical location which allowed teams and individuals to access the data and perform their due diligence. However, this was time-consuming and expensive to arrange because people would need wait until the previous team had left before any other could enter.
Fortunately, the invention of virtual data rooms has helped make this process significantly simpler and less expensive. This latest technology enables groups and individuals to access the data from any location with an internet connection. This allows them to do their due diligence without having to visit a physical place. This could save many dollars on travel expenses, accommodation and the like which is particularly advantageous for smaller companies which may not have the funds to finance these expenses.
Additionally virtual data rooms come with a host of other functions that can be very useful to companies in the management of this type of sensitive information. These features include redaction, fence view (which blacks out areas of files so that personally-identifiable information stays private), granular access permissions, multi factor authentication, watermarking and even the ability to track downloads and disable screenshots. Additionally, a lot of established virtual data room providers will offer a trial period for free for users to try their services prior to committing to using them.