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Due diligence in M&A transactions is the most popular use of an online data room. The selling side requires a secure storage platform for the documentation that needs to be reviewed and the buyer’s prospective requires an easy access point to review them. A simple and user-friendly VDR is a must to get these deals completed.

Other uses for the VDR include making strategic alliances and taking private companies public. These types of projects require extensive document sharing and collaboration among partners in different time zones and locations. A virtual dataroom facilitates the quick transfer of information which can speed decision-making and facilitates seamless communication and collaboration between partners.

There are a variety of vendors that offer an online data space. Some of the more well-known ones are Intralinks, Merrill Corp, Ansarada, and Firmex. Many of these companies offer a free trial period or offer a no-cost introductory plan. They usually charge according to how much storage is used or for the time that the online data room can be used. Some law firms with sophisticated M&A practices offer an online dataroom to their clients.

The most effective online data rooms have a clear and simple design that is simple to understand for both the CFO and entry-level accountant. They also allow for a broad range of options for deployment, and allow an easy sign-in to all of the projects of a company. Some of the best providers also allow custom branding of the virtual data room to reflect the company’s image and terms of service and have dedicated support teams ready to assist with any concerns or questions.