A data room is a secure and secure platform for online document storage that can be utilized for sharing and exchanging confidential documents. It is typically used during the due diligence process of a deal, but is increasingly being used to support other functions, such as fundraising and business restructuring.

Data rooms are designed with the purpose of streamlining and assisting the due diligence process. They allow businesses to share sensitive documents with potential partners and investors in a secure, intuitive and easy-to-use environment. They are able to be used to facilitate a wide range of business transactions such as mergers and acquisitions, joint ventures, capital raising, restructuring, stock exchange listings and debt financing.

Users can be invited using either a custom or pre-set list of email addresses, based on their roles or contributions to the project. The user can be given or restricted access to specific documents, folders or the entire content of the data room. This ensures that only those with the right to view the information are able to be granted access and helps ensure that there is no unauthorised sharing. Users can see the audit trail in detail to determine who has viewed what information and when. This is crucial to ensure legal compliance.

Robust security features include watermarking and role-based access, as well as virus scanning and data encryption. The system can be set up for specific compliance standards in the legal, biotechnology, and medical fields, including ISO 27001 and GDPR, GCP, and HIPAA. This can increase the efficiency of work processes and reduce operating costs.

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