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A virtual info room can be an online safe-keeping solution that permits companies, advisors, lawyers, traders and auditors to share docs securely and in complete confidence. Its main purpose is to enable due diligence processes during organization transactions, legal cases and audits.
In the past, when M&A (mergers & acquisitions) were very common, corporations would make use of a physical info room filled up with filing cabinets that contain all their hypersensitive documents. Often , this info room can be located on the company’s hq or at a lawyer’s office where the papers were maintained and access was only granted to people with the right credentials.
Nevertheless , with the improvement of technology, various data storage space solutions opted to move apart by physical info rooms and into digital ones. This technique was made possible thanks to improvements such as Sony’s CD-ROM, which will allowed for large storage space and a significant increase in the volume of information stored.
The era of technological improvement and the creation of the Internet generated the growth of electronic info rooms being a more secure alternative to popular physical data rooms. Moreover, it enabled more quickly due diligence processes for your business and organisations the world over.
To stop data loss and unauthorized entry to the company’s confidential info, the most notable data room providers offer a variety of security features including encryption from the data, watermarks on papers and a two-step confirmation system. They also offer flexible costing plans importance of education that let companies to discover a solution best suited their needs.