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An online data room is a repository of documents accessible via the Internet and secured access provided by user identification and password. It provides cost savings over traditional physical data rooms as well as a myriad of advantages, including simple search functionality and collaboration capabilities.
The selling company has to upload relevant documents to an online dataroom so that they can be viewed and accessed by the buyer side. Due diligence is an important step in the M&A process and failing to submit a complete set of documents can cause delays or even make a deal unprofitable.
M&A VDRs come with a range of features. From simple drag-and-drop uploading files, to optical character recognition that indexes and creates an orderly structure for the data room using index numbers. Certain M&A VDR providers provide the ability to grant documents granular access rights, allowing users to specify access restrictions on individual folders and file. Multi-factor authentication is another option, that allows users to verify their identity in just the simplest of steps like entering an SMS code.
A reliable online data room provider will have support staff who are available 24/7 to answer any questions. Some provide a chat or phone line, while others have support channels that include email and live video conferences. They also offer detailed help guides and an area for Q&A where users can ask experts any question.
